Wednesday, May 29, 2019

Know The Importance Of Oil In Every Industry

The first oil well struck oil on August 27, 1859. Oil has become the magical fluid that powers the functionality of all modern societies. In 2013, the top 5 Oil Companies (bp, Chevron, ConocoPhillips, ExxonMobil, Shell) earned $93 billion dollars that year which translated to about $177,000 every minute. Its bottom line is shaped by supply, demand, and output. It is one of the major factors in wars, riches, and might.

What Is Oil?

Millions of years ago oil was formed from massive amounts of plants and animals at the bottom of the ocean floor where they were covered by layers of sand. This black liquid is concentrated energy that is utilized by a wide array of products from chemicals, plastics, and vehicles (planes, trains, cars, trucks, etc.).

The U.S. has usually paid between $20 - $147 (the highest in 2008) for each barrel of crude oil. Each barrel holds 159 litres or 42 gallons of crude oil and that output equates to roughly 1640 Kilowatt hours of energy.

What Are The Uses Of Oil?

This energy source is diverse and widely used in gas, liquid, and solid forms such as:

       Heavy gas oil
       Lubricating oil

Forbes once published an article by contributor Jude Clemente entitled "Three Reasons Oil Will Continue to Run the World" where he lays out the dominance of oil. It is hard to encounter anything in your daily life that has not been in contact with oil in one way or another. It is estimated that by 2030 the world will be consuming 105 million barrels daily.

North American consumes the most oil and Africa consumes the least. To know which is one the premier oil marketing company click here. Among the many facets, the major leading companies deal with lubricants used in industries like:


The Importance Of Oil In Every Industry

Every piece of plastic is a product of crude oil. From sports, shoes, toys, cell phones, laptops, pipes, paint, etc. Vehicles (cars, trucks, trains, planes, boats) use crude oil to produce important wiring, hoses and the many fluids such as brake fluid, antifreeze, motor oil, transmission fluid, and lubricants.

It is probably the most important and impactful use of oil, but not the only one. Our food is affected because oil is an integral part of the fertilizer used to grow it, as well as the plastic that is used to store it. Don’t forget that its oil is also used to deliver your food from producer to consumer.

Your Clothing utilizes oil in the creation of polyester, rayon, nylon, etc. A lot of furniture also is created with the assistance of oil in the form of carpets, linoleum, couches, beds, etc. In the kitchen your pots, pan, utensils, refrigerators, and stoves utilize oil.

In your classroom oil is a component in the creation of glue, rulers, crayons, ink, book covers, binders, etc. In the health, sector oil is inextricable in the creation of creams, binding agents the coating of pills, disposable syringes, etc.

The Future Of Oil In The United States

The U.S. relies heavily on Oil and is consuming more and more of this resource every year. Will our energy consumption drain the finite oil we have? Will we need to consider green alternatives for the sake of our future? One thing is for certain, if supply can’t meet demand, oil prices will rise, and the economy and our lives will be affected in all sectors.

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