The History of the Oil Industry
The History of the Oil Industry
Most people would think that the oil and gas industry is a fairly modern industry partly due to the world’s media reporting the current issues faced by the worlds growing need for this natural resource.
People have been using oil for over 5000 years with early man using this valuable resource mostly as a means of creating and sustaining light by the way of creating a fire.
The first oil field were both identified and mined in the early 13 century in modern day Iraq when the current street of Baghdad were lined with tar formed by destructive distillation.
The first country to produce oil in volume was Russia in the early 20th century closely followed by Poland and then the USA.
The USA soon became the world’s leading oil producer and only after the world war did the middle east then become the worlds foremost exporter of oil.
The Middle East now operates 7 out of the largest 10 oil fields, with the kingdom of Saudi Arabia the world’s leading oil producer.
As the industry grew and the technology needed to extract the resource also grew the industry divided into sub sectors such as.
· Up Stream deals with the exploration and refinery of both gas and oil
· Downstream deals with the supply and retail of the resource
· Pipeline deals with the distribution from exploration to refinery
Some of the world largest and oldest companies work in this industry with many oil and gas employers formed in the late 18th early 18th century and for many governments this is a major source of revenue by the way of tax and the global oil industry employs a reported 18 million people.
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