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Encyclopedia > Petroleum industry

The oil industry is a type of industry which brings petroleum to a financial market. Petroleum is often considered the lifeblood of nearly all other industry, if not industrialized civilization itself and thus is a highly prominent and critical concern for many nations. Oil accounts for 40% of the United States' energy supply and a comparable percentage of the world’s energy supply. The United States currently consumes 7.5 billion barrels (1.2 km³) of oil per year, while the world at large consumes 30 billion barrels (4.8 km³). The United States, and most of the world, are net importers of the resource. Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ), crude oil, sometimes colloquially called black gold or Texas Tea, is a thick, dark brown or greenish liquid. ... Financial market is a broad market where buyers and sellers to exchange various types of financial securities or products that comprise financial securities. ... The word civilization (or civilisation) has a variety of meanings related to human society. ... The barrel is the name of several units of measurement. ...

Contents


History

Oil in general has been used since early human history to keep fires ablaze, and also for warfare. Its importance in the world economy evolved slowly. Wood and coal were used to heat and cook with, while whale oil was used for lighting. Whale oil however, produced a black, smelly, thick liquid known as tar or rock oil and was seen as a substance to avoid. History is often used as a generic term for information about the past, such as in geologic history of the Earth. When used as the name of a field of study, history refers to the study and interpretation of the record of human societies. ... For other uses of War, see War (disambiguation). ... This article needs to be updated. ... A tree trunk as found at the Veluwe, The Netherlands Wood derives from woody plants, notably trees but also shrubs. ... Coal is a fossil fuel extracted from the ground by underground mining or open-pit mining (strip mining). ... HVAC may also stand for High-voltage alternating current HVAC is an initialism that stands for heating, ventilation and air-conditioning. This is sometimes referred to as climate control. ... Cooking is the act of preparing food for consumption. ... Whale oil is the oil obtained from the blubber of various species of whales of the genus Balaena, as , Greenland or right whale (northern whale-oil), (southern whale-oil), Balaenoptera longimana, Balaenoptera borealis (Finback oil, Finner whale-oil, Humpback oil). ... Architect lamps Dark lighting in a concert hall allow laser effects to be visible In the 2005 Classical Spectacular performance, a state-of-the-art lighting system was used to accompany the music Lighting refers to the devices or techniques used for illumination, usually referring to artificial light sources such... This article is about the black liquid. ... Naphtha is a group of various volatile flammable liquid hydrocarbon mixtures used chiefly as solvents. ...


When the whaling industry hunted the sperm whale almost to extinction and the Industrial Revolution needed a fuel to run generators and engines, a new source of energy was needed. In the search for new products, it was discovered that from crude oil or petroleum, kerosene could be extracted and used as a light and heating fuel. Petroleum was in great demand by the end of the 1800's, forcing the creation of the petroleum industry. The crew of the oceanographic research vessel Princesse Alice, of Albert Grimaldi (later Prince Albert I of Monaco) pose while flensing a catch Whaling refers to the practice, history and industries associated with the hunting and killing of whales. ... Binomial name Physeter macrocephalus Linnaeus, 1758 Sperm Whale range (in blue) The Sperm Whale (Physeter macrocephalus) is the largest of the toothed whales and is believed to be (with the possible exception of some sauropod dinosaurs) the largest toothed animal to ever inhabit the planet. ... A Watt steam engine in Madrid. ... For the workstation, see SGI Fuel. ... ... An engine is something that produces some effect from a given input. ... Nodding donkey pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and oleum – oil), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ...


Infrastructure

The petroleum industry can be divided into two broad groups: upstream producers (exploration, development and production of crude oil or natural gas)and downstream transporters (tanker, Pipeline transport), refiners, retailers, and consumers. Oil companies are generally categorized as "majors" and "independents." Most upstream work in the oil field or on an oil well is contracted out to drilling contractors and oil field service companies. A tanker is a ship designed to transport liquids in bulk. ... An elevated section of the Alaska Pipeline Pipeline transport is a transportation of goods through a tube. ... View of Shell Oil Refinery in Martinez, California. ... Wikipedia does not yet have an article with this exact name. ... Drilling rig in a small oil field Near Sarnia, Ontario, 2001 An oil field is an area with an abundance of oil wells extracting petroleum (oil) from below ground. ... An oil well is a term for any perforation through the Earths surface designed to find and release both petroleum oil and gas hydrocarbons. ... A contract is a promise or an agreement that is enforced or recognised by the law. ...


Impact

Petroleum is a non-renewable natural resource and the industry is faced with the spectre of the inevitable eventual depletion of the world's oil supply. By the very definition of non-renewable resources, oil exploration alone will not stave off future shortages of the resource. Resource economists argue that oil prices will rise as demand increases relative to supply, and that this will spur further exploration and development. However, this process will not increase the amount of oil in the ground, but will rather temporarily prolong production as higher prices make it economical to extract oil that was previously not economically recoverable. The Hubbert peak theory, also known as peak oil, is an influential theory concerning the long-term rate of conventional oil production and depletion. Wyoming coal mine. ... Oil Exploration is the search by petroleum geologists for hydrocarbon deposits beneath the Earths surface. ... The Hubbert peak theory, also known as peak oil, is an influential theory concerning the long-term rate of conventional oil (and other fossil fuel) extraction and depletion. ...


References

  • Robert Sobel The Money Manias: The Eras of Great Speculation in America, 1770-1970 (1973) reprinted (2000).
  • Daniel Yergin, Prize: The Epic Quest for Oil, Money & Power, Free Press 1993, ISBN 0671799320
  • Matthew R. Simmons, Twilight in the Desert The Coming Saudi Oil Shock and the World Economy, John Wiley & Sons, 2005, ISBN 047173876X

Robert Sobel in a promotional photo for his publisher. ...

See also


  Results from FactBites:
 
Petroleum industry - Wikipedia, the free encyclopedia (508 words)
Petroleum is often considered the lifeblood of nearly all other industry, if not industrialized civilization itself and thus is a highly prominent and critical concern for many nations.
When the whaling industry hunted the sperm whale almost to extinction and the Industrial Revolution needed a fuel to run generators and engines, a new source of energy was needed.
Petroleum is a non-renewable natural resource and the industry is faced with the spectre of the inevitable eventual depletion of the world's oil supply.
Petroleum - Wikipedia, the free encyclopedia (4465 words)
Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil), crude oil, sometimes colloquially called fl gold or "Texas Tea", is a thick, dark brown or greenish liquid.
In the 8th century, the streets of the newly-constructed Baghdad were paved with tar, derived from easily-accessible petroleum from natural fields in the region.
Petroleum's worth as a portable, dense energy source powering the vast majority of vehicles and as the base of many industrial chemicals makes it one of the world's most important commodities.
  More results at FactBites »

 
 

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