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


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The Oil Industry

1. The oil industry: background and history

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

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

The increase in the production of automobiles and their common use also influenced the oil industry ***** 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 *****).

This also *****d the need for new oil resources ***** the large Texas ***** fields were exploited in the 1930's. Furthermore, Chevron, Texaco, *****, and Mobil expanded their oil reserves by "...purchas*****g the rights to the extensive Saudi Arabian oil fields ***** only $50,000 from the king In 1946 ***** replaced coal as the world's most popular energy source" ("Oil Industry"). In a more contemporary sense the oil industry as we know it today began in the early 1900s; and escal*****ed with the advent of World ***** Two; while before had been an oversupply of oil ***** the war, the ***** of World War Two "...taught government ***** importance of hav*****g a safe supply ***** *****" (History of Oil).

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

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