Historical Context
The earliest known oil wells were in China around 347 AD. But the first commercial oil well was called the Drake Well, named after Edwin Drake, and Drake started to drill for oil in 1859. In the same year the production of crude oil by the United States was at 2000 barrels. After the American civil war, the oil industry made continually advances in technology which allowed the industry to emerge as American society’s major energy provider in the twentieth century. The potential of oil attracted many including John D. Rockefeller. Rockefeller laid the groundwork to gain absolute control over the industry and formed the Standard Oil Company of Ohio in 1870. In 1879, Standard controlled 90 percent of U.S. refining capacity and due to Rockefeller’s efforts. Developments in petroleum extraction allowed oil to become the primary energy source not only in America, but also in societies around the world.
Therefore, atmospheric CO2 concentrations have increased by almost 40% from 280 parts per million by volume (ppmv) , in the 18th century, to 390 ppmv in 2010. This increase came just around the time when oil was the primary source of energy in the U.S and in other societies around the world. Beginning in the 18th century the global concentration of CO2 increased. More oil production meant more oil use innovation. These advances included using oil to make such products as: bottled water, phones, computers, electronics, etc. All of these new inventions are consumed and replaced yearly by new versions.
Moreover, Standard Oil was found guilty of illegally monopolizing the petroleum industry in 1911, this lead up to Standard Oil’s break up into 37 separate companies.Companies that are around today such as Exxonmobil, Chevron ,BP now part of the Seven Sisters. Recently the oil industry has a problem, the price of oil has been decreasing. Canada’s oil sands has expanded it oil reserves in the past decade and more oil sand projects are soon to some. Although oil sand projects require either digging or being blasted by steam in order to reach the oil hidden in the sand, both requiring a large amount of energy and money to produce the oil. The recent oil prices makes the whole procedure unprofitable leading to cutbacks in companies.Such as how Shell Canada had to cut 10 percent of its workforce and Cenovus Energy reduced investments by 27 percent and set aside two oil sand expansions. In conclusion the oil industry has seen better days, major companies are losing money due to the low prices that gas is being sold. There is always a bad to something good, it may not be on the same people but to other on the other side of the world.
Therefore, atmospheric CO2 concentrations have increased by almost 40% from 280 parts per million by volume (ppmv) , in the 18th century, to 390 ppmv in 2010. This increase came just around the time when oil was the primary source of energy in the U.S and in other societies around the world. Beginning in the 18th century the global concentration of CO2 increased. More oil production meant more oil use innovation. These advances included using oil to make such products as: bottled water, phones, computers, electronics, etc. All of these new inventions are consumed and replaced yearly by new versions.
Moreover, Standard Oil was found guilty of illegally monopolizing the petroleum industry in 1911, this lead up to Standard Oil’s break up into 37 separate companies.Companies that are around today such as Exxonmobil, Chevron ,BP now part of the Seven Sisters. Recently the oil industry has a problem, the price of oil has been decreasing. Canada’s oil sands has expanded it oil reserves in the past decade and more oil sand projects are soon to some. Although oil sand projects require either digging or being blasted by steam in order to reach the oil hidden in the sand, both requiring a large amount of energy and money to produce the oil. The recent oil prices makes the whole procedure unprofitable leading to cutbacks in companies.Such as how Shell Canada had to cut 10 percent of its workforce and Cenovus Energy reduced investments by 27 percent and set aside two oil sand expansions. In conclusion the oil industry has seen better days, major companies are losing money due to the low prices that gas is being sold. There is always a bad to something good, it may not be on the same people but to other on the other side of the world.
Totten, G. (n.d.). Timeline of Highlights from the histories of ASTM and the Petroleum Industry. Retrieved March 13, 2015, from http://www.astm.org/COMMIT/D02/to1899_index.html
Black, B. (2007, December 18). Petroleum history, United States. Retrieved March 13, 2015, from http://www.eoearth.org/view/article/155205/
Advancing the science of climate change America's climate choices. (2010). Washington, D.C.: National Academies Press
David I. Rosenbaum, Market Dominance: How Firms Gain, Hold, or Lose it and the Impact on Economic Performance, New York: Praeger Publishers, 1998
Austen, I. (2015, February 2). Lower Oil Prices Strike at Heart of Canada’s Oil Sands Production. Retrieved March 19, 2015, from http://www.nytimes.com/2015/02/03/business/energy-environment/lower-oil-prices-strike-at-heart-of-oil-sands-production.html?_r=0
Black, B. (2007, December 18). Petroleum history, United States. Retrieved March 13, 2015, from http://www.eoearth.org/view/article/155205/
Advancing the science of climate change America's climate choices. (2010). Washington, D.C.: National Academies Press
David I. Rosenbaum, Market Dominance: How Firms Gain, Hold, or Lose it and the Impact on Economic Performance, New York: Praeger Publishers, 1998
Austen, I. (2015, February 2). Lower Oil Prices Strike at Heart of Canada’s Oil Sands Production. Retrieved March 19, 2015, from http://www.nytimes.com/2015/02/03/business/energy-environment/lower-oil-prices-strike-at-heart-of-oil-sands-production.html?_r=0