How the Oil and Gas Industry Has Evolved in Recent Years
You’ve heard of fracking, but where exactly do we get gas? The petroleum industry has changed a lot since the discovery of oil. Find out how the oil and gas industry has evolved in recent years.
The Discovery of Oil
Though many consider the discovery of oil to have happened in Pennsylvania and Texas, it was actually discovered in China in 600 B.C. The modern oil industry blooms from discoveries made by George Bissel and Edwin L. Drake in 1859 and 1901 though. By 1919, gasoline sales exceeded any other type of oil—the previous most popular being kerosine.
Major Companies in the Oil Industry
The first oil baron was John D. Rockefeller. In 1865, he started the Standard Oil Company, which once controlled more than 90 percent of sales, marketing, pipelines, production, and exploration of all petroleum. ExxonMobil succeeded Standard Oil in an acquisition in the 1970s.
In 1897, Rothschild aimed to control oil production in Russia and created Murex, known as Shell in the United States. Another popular company was formed when a British gold miner and an Iranian shah discovered oil in Iran. They formed the Anglo-Persian Oil Company, of which the United Kingdom purchased 51 percent in 1914 to supply oil to their navy in World War I. In 1954, the company became British Petroleum, also known as BP.
Due to the high demand for oil today, companies search for oil offshore. Most of the world is ocean, so petroleum companies scour as much of it as they can to find this resource.
Fracking is the newest method of extracting gas from the earth. It is a controversial technique due to the amount of pressure and chemicals used during the process.
Equipment Used To Drill for Oil
As methods evolve, so does the technology and equipment used for oil drilling. It has become increasingly important to monitor the amount of oil flowing into wells and pipes to ensure they don’t burst and leak. The future of measuring oil and gas is constantly changing to ensure accurate results and precision.
You can impress your friends with facts about how the oil and gas industry has evolved in recent years. It’s important to understand where you get the oil that fuels your car, and more.