Essay - The Oil Industry 1. the Oil Industry: Background and History...


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The Oil Industry

*****. The oil industry: background and history

In historical terms the ***** industry began more than five thousand years ago. In the Middle East oil was used in"... waterproofing boats and baskets, in pa*****ts, lighting and even for medication" (History of the ***** *****). Oil and oil usage is evident in human society ***** in ancient times where the use ***** ***** was ***** for medical, domestic and build*****g purposes and not seen as a fuel as it is today. For example, The Bible refers to pitch being used ***** building purposes in the cementing of the walls of Babylon. (History of ***** Use) Even as late as the 1800s, oil ***** ***** as "...***** disinfectant, a vermin killer, hair oil, boot grease, ***** a cure for kidney stones" (History of Oil). In ***** 4th century the Chinese drilled for oil *****nd natural gas. ("Oil Industry")

However when whale oil became less abundant there was a search for news ways to obtain oil. ***** first modern ***** well ***** dug by Edwin Drake in Titusville, Pa, which began the ***** oil rush. This was ***** lead to the construction of the first oil refinery in 1861. ("Oil Industry") Subsequently, ***** the 19th century many of the larger ***** companies were founded. During the Civil War, John D. Rockefeller was ***** invest in oil and Standard ***** as created in 1870. ***** company "...ref*****ed about 95% of the United States' oil in 1880" ("Oil Industry"). However Standard ***** ***** split into ***** ***** thirty companies in 1911 due to the fact that it w***** declared an illegal monopoly. Among these ne***** companies were Esso or Exxon, Mobil, Chevron, Atlantic Richfield (later ARCO), and Amoco. Shell (1907) and British Petroleum (1909) were also established in this period. ("Oil Industry")

The increase in the production of automobiles and their common use also influenced the oil industry and spurred its growth. "In 1900, worldwide crude oil production stood at nearly 150 million barrels. Illuminants served as ***** primary product of the oil *****, but new inventions such as the automobile and the airplane ***** petroleum as fuel..." (Petroleum Industry).

This also increased the need for new oil resources and ***** large Texas ***** fields were exploited in the 1930's. Furthermore, Chevron, Texaco, Exxon, and Mobil expanded their oil reserves by "...***** the rights to the extensive Saudi Arabian oil fields for only $50,000 from ***** king In 1946 oil replaced coal as the world's most popular energy source" ("Oil *****"). ***** a more contemporary sense ***** oil industry as we know it today began in the early *****s; and escalated with the advent of World War Two; while before had been an oversupply of oil ***** the war, the ***** of World War Two "...***** government ***** importance of having a s*****fe supply of oil" (History of *****).

***** extremely important part ***** the ***** of the oil industry is the formation of Organization of Petroleum Exporting Countries (OPEC) in 1960.

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