The oil industry is one of the largest and most successful sectors in the entire world, and has been for quite some time. Though it has quite a bit of history and the future is an interesting topic, many don’t know the past, present, and future of this essential industry.
The oil and gas industry as we know it has been around since the 1800s. The first American oil pipeline was built in 1865, after pioneers discovered oil in Pennsylvania in 1859. By the time 1919 rolled around, gasoline was more popular than kerosene as a fuel source. Oil became an essential military asset in addition to being an energy source thanks to oil-powered ships, trucks, tanks, and airplanes during World War I. Since its humble beginnings, the oil industry has skyrocketed to one of the most important industries in the world.
Currently, the United States trails behind Saudi Arabia and Russia, being the third largest crude oil producer in the world. Oil is also now the most sought-after commodity in the world, with oil fields being in most countries globally. The industry fluctuates quite a bit, due to current events and the price of obtaining oil. Some of the largest reservoirs in the world are starting to dry up, forcing explorers to find oil elsewhere. So far, this has been successful.
The oil industry can go one of two ways, depending on how producers around the globe act in the coming decade. Either oil production will continue, at a slightly higher price but still continuous, or it will taper off. This depends on how much different producers from around the world want to work together. Greed could be the downfall of the industry. Many sectors are working on other fuel sources in case this happens.
Did you know these awesome facts about the oil industry? What do you think about the future of the oil market? Will it get better or worse?