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 paints, lighting ***** even for medication" (History of the ***** *****). ***** 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 ********** it is today. For example, The Bible refers to pitch being used ***** building purposes in ***** cementing of the walls of Babylon. (History of Oil Use) Even as late as the 1800s, oil was seen as "...a disinfectant, a vermin killer, hair oil, boot grease, ***** a cure for kidney stones" (History of Oil). In ***** 4th century the Chinese drilled ***** ***** *****nd natural gas. ("Oil *****dustry")

However when whale oil became less abundant there was a search for news ways to obtain oil. The first modern oil well was dug by Edwin Drake in Titusville, Pa, which began the first 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 ***** companies were founded. During the Civil War, John D. Rockefeller was to invest in oil and Standard ***** as created in 1870. This company "...ref*****ed about 95% of the United States' oil in 1880" ("Oil Industry"). However ***** ***** ***** split *****to more the thirty companies in 1911 due to the fact that it was declared an illegal monopoly. Among ********** new comp*****ies 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 and spurred its growth. "In 1900, worldwide crude oil production stood at nearly 150 million barrels. Illuminants served as ***** primary product of the oil industry, but new inventions such as the automobile and the airplane ***** petroleum as fuel..." (Petroleum *****).

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

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

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