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 ***** even for medication" (History of the oil industry). Oil and oil usage is evident in human society ***** ***** ancient times where the use of oil was ***** for medical, domestic and building purposes and not seen as a fuel as it ***** today. For example, The Bible refers to pitch being used for ***** purposes in the cement*****g ***** the walls of Babylon. (History of Oil Use) Even as late as ***** 1800s, oil was 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 *****nd natural gas. ("Oil Industry")

However when whale ***** became less abundant *****re was a search for news ways to obtain oil. ***** first modern ***** well was dug by Edwin Drake in Titusville, Pa, which began the ***** oil rush. This ***** to lead to ***** construction of the first oil 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 ***** invest in oil and Standard Oil as created in 1870. ***** company "...***** about 95% of ***** United States' ***** in 1880" ("Oil Industry"). However ***** ***** w***** split into ***** the thirty ***** in 1911 due to the fact that it was 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 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 ***** the oil industry, but new inventions such as the automobile and ***** airplane used petroleum as fuel..." (Petroleum Industry).

This also *****d the need for ***** oil resources and ***** large Texas ***** fields were exploited in the 1930's. Furthermore, *****, Texaco, Exxon, ***** Mobil expanded their oil reserves by "...***** the rights to the extensive Saudi Arabian oil fields ***** only $50,000 from ***** king In 1946 oil replaced coal as the world's most popular energy source" ("Oil Industry"). In a more contemporary sense ***** ***** 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 before the war, ***** advent of World War Two "...***** government the importance of hav*****g a safe supply of oil" (History of Oil).

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

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