HISTORY

OF
OIL
SAP ID
BY-PRASHANT
500094501
BHANDARI
HISTORY
In 1852 Ibrahim Pineo Gesner discovered
how to make kerosene from
Crude petroleum.
At that time it was a drastic discovery.
Gesner used the permitted steel type system
to distil and refine the crude petroleum
One of them was kerosene.
Kerosene was much cheaper and better
illuminate

Origin
Created over millions of years by heat and &
pressure.
Petroleum is formed when living things dies and
decay and are converted into
carbon based minerals
Principle used for petroleum before was for
medication uses like treatment of
arthritis.
Discovery of kerosene changed it all.
PRODUCTION OF KEROSENE
By 1852 ,34 start-up companies were
.
producing million dollars of worth
kerosene
At mid 80’s oil was selling at 20
dollars per barrel.
Overnight new towns sprung up

DRASTIC CHANGE IN LATE 80’S

The oil wells began to dry up by late 80’s.
6000 barrels/day to 3000 barrels/day
Edwin derrick(main oil striker) died in 1880
But still America was hooked up on kerosene
RISING OF JOHN DAVIDSON
ROCKEFELLER
Tried his luck in petroleum in mid 80’s
One who set up refinery in Cleveland(oil rich
region)
In 1864 bought his first oil refinery
 By 1872 Standard oil acquired 21 refineries in
Cleveland
 By 1879 standard oil acquired 90% of refinery
in United states.
A NIGHTMARE FOR FORTUNEMAKERS
In 1880,pensylvania oil field began drying up.
By 1891 standard oil decreased its market value .
In 1879 Edison's invention destroyed petroleum
market.
Oil industries started loosing its value
phenomenally.
INVENTION OF AUTOMOBILE
Use of gasoline gave some hope to petroleum
 industries.
It saved Rockefeller's industries from drastic
change.
 BEGINNING OF 20TH CENTURY
Bowman Texas became the boon town.
Companies started looking for black gold.
Automobiles started transforming oil industries
Land rate near Texas went high.
DOWNFALL OF STANDARD OIL COMPANY
The supreme court of US ruled standard oil for violation in federal law and
from trading
Finally breakup of standard oil started .
Gulf oil, Texaco abruptly raised in late 90’s .
REVOLUTION IN U.S ECONOMY
Reliance on oil had grown from necessity to addiction for united states.
Companies like Phillips petroleum,Texas,Gulf oil, British petroleum
sprung to be major players .
International concerns like British Petroleum were in competition
No of vehicles climbed up B/w 1945-1950.

DOWNFALL OF U.S ECONOMY

US oil fields were not able
to keep up the demands of
growing market
Late 90s country decided
to import oil .
Droved Kuwait by aerial
bombardment
Economy came on track
late 90s
US ECONOMY METHODOLOGY

U.S companies uses advance

three dimensional technology to
search for oil.
The global dominance on trade
of oil was from the method of
Edwin drake
Searching the globe for the fuel
that powers the nation industrial
empire “THE BLACK GOLD”.
Dependence of major sector of
economyon petroleum in 20 th
century .
 SUMMARY

EXFLORATION OF CARBON
.
DERIVATIES FROM 1852 TO TILL
DATE .
HOW PETROLEUM CONQUERRED
THE WORLD.
ABOUT JOHN DAVID
ROCKEFELLERAND ITS STANDARD
OIL.
DOMINANCE OF UNITED STATES
IN TRADE