THE OIL INDUSTRY. As early as 1750: American colonists knew about oil in various parts of the USA. Little known use for oil

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1 THE OIL INDUSTRY As early as 1750: American colonists knew about oil in various parts of the USA Especially New York State, Pennsylvania & West Virginia Little known use for oil

2 Drake strikes oil! June, 1859: Drake and the Seneca Oil Company begin drilling first oil well At just over 20 meters, they struck oil & the well became an overnight success

3 Drake s oil well

4 Black Gold News of Drake s well triggered a black gold rush (similar to the California gold rush of 1849)

5 Cushing Field Blowout (circa 1914) The outcome of a successful cable-tool well.

6 Problems with transporting oil Transportation was obviously a problem because oil was often discovered in far away places. Needed to be transported to a refinery for processing

7 Solution to oil transportation problems Development of pipelines Move huge amounts of oil quickly & efficiently North America is now crisscrossed with a network of pipelines

8 Move away from kerosene 1900: electric light bulb was invented replaced kerosene lamp so the demand for kerosene dropped Automobile was becoming a popular means of transportation, so there was a new market for gasoline

9 The hungry war machine Both WWI ( ) & WWII ( ) increased the demand for oil & gasoline

10 Large Land Drilling Rig Loving County, Texas 20,000 PTD Ellenberger test

11 Tri-Cone Rotary Bit Coring Bit

12 Nothing is Foolproof 2005 blowout in West Texas

13 Jack-Up Drilling Rig (Texas Federal Waters ~150 water depth)

14 Drilling on hills Early U.S. Discoveries PA (1859) late 1800s CA (1865) 1920s TX (1880s) Spindletop: 1901 OK (1897) Glenn Pool: 1905

15 United States Energy Consumption By Source, From E.I.A., (2003).

16 These two wells showed the early promise of the Oil Regions. The Phillips well was the most productive ever drilled to date, flowing initially at 4,000 barrels per day in October The Woodford well came in at 1,500 barrels per day in July, Note the wooden tank collecting the oil in the foreground, as well as the many different sized barrels in the background. At this time, barrel size was not yet standardized, which made terms like "Oil is selling at $5 per barrel" very confusing. From the Paleontological Research Institute <

17 Signal Hill Oil Field Discovered 1921 A view of Signal Hill, just north of Long Beach, California, in The "forest" of oil derricks were drilled in the 1920's. photo courtesy of the Los Angeles Public Library From the Paleontological Research Institute <

18 1901 Spindletop Field discovery, Texas

19 Glenn Pool Oil Field: Tulsa County, Oklahoma Glenn Pool Oil Field Educational Center <

20 Companies Oklahoma Standard Oil Trust & Successors Seven Sisters Mergers & Super-Majors State-Owned Companies

21 Standard Oil Company John D. Rockefeller (cartel) 1880 controlled 95% of US refining Broken apart in 1891 (Teddy Roosevelt)

22 Standard Oil Break-Up (33 companies, including ) Standard of: New Jersey Exxon New York Mobil Indiana Amoco California Chevron Other Major Spin-Offs Atlantic Richfield (ARCO) Pennzoil

23 The Original Seven Sisters (now 4) Exxon Shell (Royal Dutch) BP (Anglo-Persian) Mobil Chevron Gulf Oil Texaco

24 Major Mergers Occidental buys Cities Service 1982 Chevron with Gulf Oil 1985 (Now Chevron) BP with Amoco 1998 (Now BP) Exxon with Mobil 1999 Chevron with Texaco 2001 (Now Chevron) Conoco with Phillips

25 Exxon-Mobil Shell Today s Super-Majors BP (formerly BP-Amoco) Total Merged with Petrofina (Belgium) 1999 Merged with Elf Aquitaine (France) 2000 Chevron (formerly Chevron-Texaco) Conoco-Phillips

26 Map of world regions showing OPEC member states.

27 Major State-Owned Companies Saudi Aramco (Saudi Arabia) Gazprom (Russia) CNPC (China) NIOC (Iran) PDVSA (Venezuela) Petrobras (Brazil) Petronas (Malaysia) Pemex (Mexico)

28 Petrochemical industry Petrochemical industry: uses oil to produce products for consumers & industries like plastics.

29 John D. Rockefeller & the Oil Industry 1870: Rockefeller started the Standard Oil Company of Ohio (would eventually become the first billion-dollar corporation) Rockefeller bought or built: Oil wells Refineries Pipelines Even retail sales outlets Controlled everything from the production or crude oil to the sale of the finished product

30 Standard Oil Trust lives on Many of the Standard Oil firms have become the largest companies in the world Exxon Mobil Amoco Chevron Atlantic Richfield Exxon, the new name for Standard Oil, is still the largest oil company in the world

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