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1849-57

1846

1859

1878

1886

1914-1918

1931

1938

1939-1945

1947

1959

1960

1967

1970

1978-1979

1982

1998

2009

2012

THE END! by: Jeremey, Taydon, Dawson

Timeline of the Oil Industry

WWII (1939-1945)

Over Supply (1931)

Drake's US Well (1859)

Automobiles

Over Supply (1959)

End of Whale Oil (Invention of Kerosene)

U.S Oil Peak

The Drake Well is a 69.5 foot deep well, located in Pennsylvania. This was the first successful well in the U.S, and helped start the first oil boom, paving the way for future industry.

  • In 1931, alongside the Great Depression, massive oil deposits were found in Texas
  • Normally this would be a welcome discovery but due to the world's falling demand for energy and petroleum products, it caused the prices to steeply decline and caused investors to cut massive losses.

Governments recognized how vital the control of oil was to their security. Bombings were now targeted towards enemy fuel reserves. Significance is in how oil came into play in the war. It determined many aspects.

Arab Oil Embargo (1967)

OPEC Quota's

Primitive, early, gas powered vehicles began to be introduced to Europe and the U.S around 1886 by Karl Benz, and WIlliam Daimler. The Benz patent-Motorwagen is commonly regarded as the world's first automobile, the original cost of the vehicle in 1885 was 600 imperial German marks, approximately 150 US dollars (equivalent to $3,998 in 2016).

Price Collapse

Kerosene was first discovered in the 9th century by a Persian scholar and physicist but due to the inefficient burning and production process, as well as the smoky flame produced by it's combustion, kerosene was not ideal for indoor burning but was primarily piped in for heating. This changed in 1846 when Canadian geologist Abraham Gesner held a public demonstration of his new kerosene that he invented, which was clear, thin fluid that burnt and smelled significantly better than the burning of whale oil.

During the 1950's, overproduction on oil, as well as "gasoline price wars" drove the price of oil to new lows. This negatively affected many economies around the world, and showed the immense power that oil and gasoline had accumulated.

The U.S oil peak of the 1970's was a prediction

based on M. Hubbards theory. The prediction was that a "peak" oil production would be reached, from which the production would slowly decline. This was significant because oil was a major keystone to American, and world economies.

In 1982, OPEC first introduced oil production quotas, in order to regulate the prices of oil by stopping overproduction. These quotas would adjust as time went on, but were in place to regulate the production of big oil companies.

The Arab oil embargo was a response to the six day war, and halted or limited oil exports to countries supporting the Israeli military action. This was significant in setting the stage for how oil producing companies would interact with the rest of the world, and the importance of a reliable source of oil.

A global financial crisis in 2009 caused oil prices to collapse, this was significant in the massive affect the oil economies and companies did business.

Rebirth of onshore American oil

Oil Price Collapse

First Offshore Oil Rigs (1947)

Iranian Revolution

Creation of OPEC

End of the Buyers Market

Ghawar Discovered

WWI

Oil Recession

Baku Percussion Drilling

As onshore American oil moves forward with new fracking techniques and untapped oil reserves, the market and economies around them will change with it.

The Iranian Revolution occurred from 1978-1979, and was violent overthrowing of the Pahlavi Dynasty. This was significant to the industry at the time because oil prices skyrocketed, and a major oil producer (Iran) was temporarily unable to produce oil.

The first offshore Oil rig out of sight of land, was drilled by Ker-Mcgee company in the Gulf of Mexico (1947). The significance of this was the impact offshore oil wells would have on economical oil production, as well as enviromental affects.

The End of the buyer's market in the 1970's, was an attempt to regulate the instability of the oil market, with countries utilizing the power they held over oil producers. This was significant in shaping the Oil market going forward, and helped to limit the power that big oil companies had.

OPEC was an organization created to regulate oil prices, and protect each individual country's inalienable right to its natural resources. This was a significant event in defining how smaller, oil and resource rich countries would interact with each other, as well as giving small countries a say in global markets.

Ghawar is the largest oil field in the world.

Found in 1948 and put onto stream in 1951, since that time is has accounted for over 50% of the cumulative oil production of Saudi Arabia.

Ghawar is estimated to make 5 million barrels of oil per day, with the cumulative production up to 2010 is believed to have exceeded 65 billion barrels of oil.

There is little technical or specific details available about the Ghawar field as the Saudi government and the private company that owns it are very cautious.

A combination of lower industrial activity in industrial countries, as well as increased energy conservation spurred by high oil prices, collapsed the price of oil into a glut. This event changed how some countries regulated oil companies, with the U.S changing to allow the price of oil to be determined by the market.

From 1914-1918, the World War brought many new weaponized vehicles such as planes and tanks into the world. The vehicles were fueled by gasoline and ultimately, caused a demand for oil production.

In 1878, Thomas Edison invented an efficient incandescent light bulb. This eliminated the need for kerosene lamps and other kerosene consuming utilities.

In 1846, the worlds first drilling of an oil well took place on the Absheron peninsula. The percussion method was used with wooden rods. This event's significance rest in the fact that, for the first time in the history of the world, drilling for oil to positive effect had been accomplished.

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