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

***** when whale ***** became less abundant there 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 ***** ***** lead to ***** construction ***** the first oil refinery in 1861. ("***** Industry") Subsequently, in the 19th century many of the larger ***** companies were founded. During the Civil War, John D. Rockefeller was ***** invest in oil and Standard Oil as created in 1870. This company "...ref*****ed about 95% of the United States' ***** in 1880" ("Oil Industry"). However ***** Oil ***** split into ***** ***** thirty ***** 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. ("***** 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 of the oil *****, but new inventions such as the automobile and ***** airplane used petroleum as fuel..." (Petroleum *****).

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

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

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