The Oil Industry

Paper Summary:

This paper takes a look at the oil industry. The paper reports that the history of the oil industry dates back to the earliest civilizations of the Middle East. According to the paper, there are inscriptions, that originated from Mesopotamia, describing the use of oil from as far back as 4000 B.C.E. The paper also reports that in the United States, the invention of the kerosene lamp led to the formation of the first American oil company, Pennsylvania Rock Oil Company, founded in New Haven, Connecticut, in 1854.

From the Paper:

"The development of the oil industry also took place in many countries outside of the United States. For example, Canada's first oil boom occurred in Ontario in 1867 and in 1947, the great Leduc field near Edmonton, Alberta, was discovered which soon led to Canada becoming an important contributor to the oil industry. In Mexico, oil production began on a commercial scale around 1918 which made Mexico the second-largest oil producer of the early 20th century. Of course, in 1901, one of the first concessions for oil production was granted in Iran and when huge oil reserves were discovered in 1908, the Anglo-Persian Oil Company came into existence and was soon replaced by the Anglo-Iranian Oil Company in 1914. "

Sample of Sources Used:

• Boatwright, M.C. Tales from the Derrick Floor: A People's History of the Oil Industry. New York: Doubleday, 1970.
• Fanning, Leonard M. Men, Money and Oil: The Story of an Industry. Cleveland, OH: World Publishing, 1966.
• Plummer, William B. The Story of Petroleum: A History of the Development of Crude Oil and Its Products. Chicago: Encyclopedia Britannica Press, 1955.

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