History Of The Petroleum Industry
The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum (oil) is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.
Petroleum is vital to many industries, and is of importance to the maintenance of industrial civilization in its current configuration, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from as low of 32% for Europe and Asia, up to a high of 53% for the Middle East.
Other geographic regions’ consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 30 billion barrels (4.8 km³) of oil per year, with developed nations being the largest consumers. The United States consumed 25% of the oil produced in 2007. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world's largest industry in terms of dollar value.
Governments such as the United States government provide a heavy public subsidy to petroleum companies, with major tax breaks at virtually every stage of oil exploration and extraction, including for the costs of oil field leases and drilling equipment.
Read more about History Of The Petroleum Industry: Industry Structure, Environmental Impact and Future Shortages, Petroleum Industry in Popular Culture
Famous quotes containing the words history of the, history of, history and/or industry:
“Tell me of the height of the mountains of the moon, or of the diameter of space, and I may believe you, but of the secret history of the Almighty, and I shall pronounce thee mad.”
—Henry David Thoreau (1817–1862)
“The view of Jerusalem is the history of the world; it is more, it is the history of earth and of heaven.”
—Benjamin Disraeli (1804–1881)
“Social history might be defined negatively as the history of a people with the politics left out.”
—G.M. (George Macaulay)
“... we’re not out to benefit society, to remold existence, to make industry safe for anyone except ourselves, to give any small peoples except ourselves their rights. We’re not out for submerged tenths, we’re not going to suffer over how the other half lives. We’re out for Mary’s job and Luella’s art, and Barbara’s independence and the rest of our individual careers and desires.”
—Anne O’Hagan (1869–?)