Sample History Paper on History of Oil

Sample History Paper on History of Oil

Abraham made the most dramatic discoveries by making kerosene from crude petroleum in 1859. He discovered how to separate Kerosene, and other components of crude oil were separated using a protocol similar to that alcohol distillation. This was the greatest in oil discovery and lead to the injection of so many fortune hunters in the oil industry. Discovery of kerosene replaced the use of whale oil which was considered expensive despite its use from the ancient times.  Cheap and first oil refinery became the urgent need of the nation, and John D. Rockefeller became the ideal man to bridge this market niche.

The Rockefellers were the first to specialize in oil refining. The members of the company disagreed due to conflict of interest thus parting ways. John D. Rockefeller later became successful after taking over the entire refining process and making significant profits. The greatest challenge at his time was that he did not have control over his suppliers thus the risk of small production if the providers withdrew. He fought to gain control of the unpredictable economic times by gaining control over Rail Road Company through the aid of Fiddler. The competitors sold out making Rockefeller become the sole standard oil refiners pushing Rockefeller to richness.

Drying up of the Pennsylvanian oil fields presented the greatest opportunity to Rockefeller leaving his company as the sole supplier of conventional oil. However, the oil industry was overthrown by an invention of electric lighting in 1879 November by Edison. The oil industry faced the greatest threat of being thrown away. Their salvation came about by the introduction of the automobiles which depended on gasoline. This was a breakthrough by Henry Ford at the end of the 19th century. The commencement of the 20th century saw the inception of a new competitor who discovered oil in the least expected regions of the United States in the Texas. The discovery at Spindletop Oil Lake revolutionized the oil industries increasing the nation’s annual oil production.

Oil mines at Splindletop attracted the top class in the society and the small class with equal magnitude. The area was encircled with evils such as theft and prostitution due to the nature of the new occupants. William built a new company known as Gulf oil. More companies emerged and killed the monopoly enjoyed by the regular oil. Standard Oil was broken leading to the significant transformation of the oil industry in America and introduction of the new age of competition. US dependence on petroleum increased.

Gas shortage in the late 70s and early 80s significantly affected the government of the US. This occurred due to its high reliance on imported oil. To ensure the adequate supply of oil US government joined Saudi Arabia in a war against Iran which had invaded Saudi oil fields. Later on, John D. Rockefeller. The battle was won, and Oil production came back to normal. The result was a cartel that was used to control World oil prices up to date.