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:
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Ethane
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Propane
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Butane
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Petrol/Gasoline
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Kerosene
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Diesel
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Heavy gas oil
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Lubricating oil
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Residuum
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Etc.
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:
●
Electricity
●
Transport
●
Construction
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Agriculture
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Mining
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Commercial
●
Etc.
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.
