HISTORY OF CRUDE OIL USAGE

1
1751

Although fossil fuels like coal have been harvested in one way or another for centuries, crude oil was first discovered and developed during the Industrial Revolution, and it’s industrial uses were first developed in the 19th century. Newly invented machines revolutionized the way we do work, and they depended on these resources to run. Today, the world’s economy is largely dependent on fossil fuels such as crude oil, and the demand for these resources often spark political unrest, since a small number of countries control the largest reservoirs. Like any industry, supply and demand heavily affects the prices and profitability of crude oil. The United States, Saudi Arabia, and Russia are the leading producers of oil in the world.
The Organization of Petroleum Exporting Countries (OPEC), which consists of the worlds largest producers of crude oil by volume, used to be the most influential oil producers in the world, and as such, they had a lot of economic leverage in determining supply and therefore oil prices. In the late 19th and early 20th centuries, however, the United States was one of the world’s leading oil producers, and U.S. companies developed the technology to make oil into useful products like gasoline. During the middle and last decades of the century, U.S. oil production fell dramatically, and the U.S. became an energy importer. In the early 21st century, the development of new technology, particularly hydro-fracturing, has created a second U.S. energy boom, largely decreasing the importance and influence of OPEC.

1 COMMENT

  1. Arab and Persian chemists also distilled crude oil in order to produce flammable products for military purposes. Through Islamic Spain, distillation became available in Western Europe by the h century.

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