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 pa*****ts, lighting ***** even for medication" (History of the ***** *****). ***** and oil usage is evident in human society ***** in ancient times where the use ***** 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 building purposes in the cementing of the walls of Babylon. (H*****tory of Oil Use) Even as late as ***** 1800s, oil was ***** as "...a disinfectant, a vermin killer, hair *****, boot grease, ***** a cure for kidney stones" (History of Oil). In the 4th century the Chinese drilled for oil and natural gas. ("Oil Industry")

However when whale ***** became less abundant there was a search for news ways to obtain oil. The first modern oil well ***** dug by Edwin Drake in Titusville, Pa, which began the ***** ***** rush. This was ***** lead to ***** construction ***** the first oil refinery in 1861. ("Oil Industry") Subsequently, ***** ***** 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. This company "...***** about 95% ***** ***** United States' oil in 1880" ("Oil Industry"). However ***** Oil ***** split *****to ***** the thirty ***** 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. ("***** Industry")

The *****crease in the production of automobiles and *****ir common use ***** 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 ***** the oil industry, but new inventions such as ***** automobile and the airplane used petroleum as fuel..." (Petroleum *****).

***** also increased the need for new oil resources and ***** large Texas oil fields were exploited in the 1930's. Furthermore, *****, Texaco, *****, and Mobil expanded their ***** 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 Industry"). In a more contemporary sense the 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 ***** War Two "...***** government ***** importance of having a s*****fe supply ***** oil" (History of *****).

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

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