Essay - The Oil Industry 1. the Oil Industry: Background and History...


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The Oil Industry

1. 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 ***** oil was ***** 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 ***** cementing of the walls of Babylon. (History of 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 *****). In the 4th century the Chinese drilled for oil and natural gas. ("Oil Industry")

***** when whale oil became less abundant there was a search for news ways to obtain oil. ***** first modern oil well ***** dug by Edwin Drake in Titusville, Pa, which began the ***** ***** rush. This was ***** lead to the construction ***** the first oil refinery in 1861. ("Oil Industry") Subsequently, ***** ***** 19th century many of the larger ***** companies were founded. During the Civil War, John D. Rockefeller was to invest in oil and Standard Oil as created in 1870. This company "...ref*****ed about 95% ***** ***** United States' ***** in 1880" ("Oil Industry"). However ***** Oil ***** split *****to ***** the thirty companies in 1911 due to the fact that it was declared an illegal monopoly. Among these new comp*****ies were Esso or Exxon, Mobil, Chevron, Atlantic Richfield (later ARCO), and Amoco. Shell (1907) and British Petroleum (1909) were also established ***** this period. ("***** Industry")

The increase in the production of automobiles and *****ir 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 used petroleum as fuel..." (Petroleum *****).

This also increased the need for ***** oil resources ***** ***** large Texas oil fields were exploited in the 1930's. Furthermore, Chevron, 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 oil replaced coal as the world's most popular energy source" ("Oil *****dustry"). In a more contemporary sense ***** ***** ***** as we know it today began in the early 1900s; and escalated with the advent of World War Two; while before had been an oversupply of oil ***** the war, ***** advent of World War Two "...taught government the importance of having a s*****fe supply ***** oil" (History of Oil).

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

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