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Current worth per year
Oil is worth billions of dollars per year. It currently cost $94.00 per barrel of oil.
Shell, Chevron, Exxon and Marathon are oil companies. Some Canadian oil companies are Suncor Energy, Enbridge and Encana Corporation.
Oil is located in the ground, in layers of rock called shale formations.
When was oil first exploited?
Oil was first exploited in the late 1800's and early 1900's. Many oil companies began around this time and when cars became popular it was very good for the oil industry.
"Fracking" is a controversial way of getting oil out of the ground. There are often debates between environmentalists and members of the oil and gas industry regarding Fracking.
Will Oil run out?
Will it run out?
Oil will run out, but after decades it will eventually come back. It will run out because we use it so often.
Oil comes from broken down organic materials. Millions of years ago, when the dinosaurs all died, their bodies broke down and eventually turned into oil. Oil also comes from plants and animals that broke down from millions of years ago.