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Oil field in California, 1938. The modern history of petroleum began in the nineteenth century with the refining of paraffin from crude oil. The Scottish chemist James Young in 1847 noticed a natural petroleum seepage in the Riddings colliery at Alfreton, Derbyshire from which he distilled a light thin oil suitable for use as lamp oil, at the same time obtaining a thicker oil suitable for ...
Though unrefined petroleum has been used for various purposes since ancient times, it was during the 19th century that refinement techniques were developed and gasoline engines were created. Although crude petroleum oil has been used for a variety of purposes for thousands of years, the Oil Age is considered to have started in the 1800s with ...
Petroleum seeps on the North Slope have been known for many years, and in 1923, the federal government created US Naval Petroleum Reserve No. 4 to cover the presumed oil fields beneath the seeps. Some exploration drilling was done in the reserve during World War II and the 1950s, but the remote location deterred intensive exploration until the ...
Two of the most notable events in American oil-industry history took place on Jan. 10, and so did one of the biggest mistakes in American corporate history. Let's take a look at these events.
Petroleum found along Oil Creek was known to Native Americans for hundreds of years through natural seeps. [4] Europeans became aware of the existence of petroleum in the 1600s. At the time, this "mineral-oil" was used primarily for medicinal purposes and was reputed to cure many ailments, including rheumatism and arthritis. [6]
Consumption is currently around 84 million barrels (13.4 × 10 ^ 6 m 3) per day, or 4.9 km 3 per year, yielding a remaining oil supply of only about 120 years, if current demand remains static. [93] More recent studies, however, put the number at around 50 years. [94] [95]
The Hunt wealth runs back to Lamar Sr.’s father, H.L. Hunt, who owned one of the biggest oil deposits in the world and founded Hunt Oil. He turned his business into the largest family-owned oil ...
In the year 1904, Standard Oil controlled 91% of oil refinement and 85% of final sales in the United States. [27] At this time, state and federal laws sought to counter this development with antitrust laws. In 1911, the U.S. Justice Department sued the group under the federal antitrust law and ordered its breakup into 39 companies.