Today there are enough global oil reserves to continue production at the present pace for an additional 53.3 years. this is often excellent news for the 9.8 million people currently working within the industry (8% of U.S. economy). Evolution will need to keep happening within the field for this to continue beyond that though. If you would like to more accurately predict oil and gas industry trends, it’s important to know the historical relevance these natural resources have had. While the equipment, processes, and usage have evolved over the years. The worth of oil and gas has similarly increased since its discovery. Here are three of the foremost important time periods within the history of the refining industry.
Oil was first found in pits and river banks in Greece and therefore the surrounding areas over 4,000 years ago, consistent with early historians. It didn’t take long for the oil and gas industry. To start to develop its foothold within the nearby Middle Eastern region, which they in fact still believe today.
The boom of the 19th Century:
Edwin Drake is credited with drilling the primary petroleum well within the U.S. in 1859 using cable tools. Perhaps the most important turning point though was when John D. Rockefeller formed the quality company in 1865. This is able to eventually cement his legacy because of the industry’s first “baron.” Rockefeller began to utilize horizontal combination strategies by buying up smaller competitors. To become one of the most important and most successful companies in history.
World Wars and Beyond:
The 1900s would see the oil and gas industry rise to new heights never before seen. War I might be the primary time oil began to be seen as not only a source of energy. But also a strategic military asset because it powered the ships, trucks, tanks, and planes utilized in warfare. In 1919 gasoline sales would exceed kerosene and never reminisce. War II would only accelerate this unobstructed growth. Until environmental concerns and energy exploration became popular within the last decade approximately. Still, global proved oil reserves have increased by 27% (350 billion barrels) over the past decade alone.