Oil and Progress

Essay by lcrzoexUniversity, Master'sA, March 2005

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1. Introduction

2. Oil as catalyst of progress.

3. Review of past and present business models.

5. Appendix.

6. References.

1. Introduction

Modern life is impossible without three major types of energy sources- coal, gas and oil. The first place in providing energy needs is under the oil (40 per cent of commercial usage of energy), furthermore a huge number of essential chemicals and industrial products can be retrieved from it.

Oil industry began from such earliest methods of exploring for hydrocarbons, as looking for oil seeps or gas escaping from the earth (the earliest oil discoveries in California were discovered from oil seeps from the ocean floor off Los Angeles that washed ashore). Later Edwin Drake dug the first oil well. After setting up of the first oil refinery (see exhibit#2 for a short list of refinery products), in 1861 more and more people were involved in oil business and many oil companies were created.

Standard Oil, founded by John Rockefeller, was the first and last company that show the real impact of industry on the development of economy and the whole country, because after declaring an illegal monopoly it was splitted into 34 companies.

On account of the largest threat in this century of the coming oil/petroleum shortage, since oil/petroleum runs generators that produce electricity, it runs automobiles worldwide, it is used to produce synthetics (clothing and plastics), and also pesticides and fertilizer, companies expend their search for new reserves all round the world.

2. Oil as catalyst of progress

"The kingdom of heaven runs on righteousness,

but the kingdom of earth runs on oil".

Progress in human culture has required the use of energy resources. About hundred years ago, the major source of energy shifted from bituminous coal, charcoal and firewood to fossil hydrocarbons, including liquid...