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 ***** Middle East oil was used in"... waterproofing boats and baskets, in paints, lighting ***** even for medication" (History of the ***** industry). ***** and oil usage is evident in human society ***** in ancient times where the use of oil was used for medical, domestic and building purposes and not seen as a fuel as it is today. For example, The Bible refers to pitch being used for ***** purposes in the cementing ***** the walls of Babylon. (H*****tory ***** Oil Use) Even as late as ***** 1800s, oil ***** seen as "...a disinfectant, a vermin killer, h*****ir *****, boot grease, ***** a cure for kidney stones" (History of Oil). ***** the 4th century the Chinese drilled for oil *****nd natural gas. ("Oil Industry")

However when whale oil 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 first oil rush. This ***** ***** lead to the construction of the first ***** refinery in 1861. ("Oil Industry") Subsequently, in the 19th century many of the larger oil companies were founded. During the Civil War, John D. Rockefeller was to invest in oil and Standard Oil as created in 1870. This company "...***** about 95% of the United States' oil in 1880" ("Oil Industry"). However ***** Oil ***** split into more ***** 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 (later 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 ***** influenced the oil industry ***** spurred its growth. "In 1900, worldwide crude oil production stood at nearly 150 million barrels. Illuminants served as ***** primary product ***** the oil *****, but new inventions such as ***** automobile and the airplane used petroleum as fuel..." (Petroleum Industry).

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

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

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