How Much Do You Understand About the Oil Industry?

How Much Do You Understand About the Oil Industry?

Oil training

It has been more than 100 years since the first drive up gas station opened. Ever since 1913 people have been relying on the oil industry to provide the gasoline that is available at gas stations which can now be found throughout America and around the world. The oil industry is often the center of the news, the stock market, and world policy.
The petroleum industry is part of the daily discussion of U.S. reports. Every newspaper and television broadcast, as well as online news agency, has reporters who specifically cover the continued progress and safety of the oil and gas industry. When was the last time you sat through an entire 30 minute newscast and did not hear mention of something to do with the oil and gas industry trends?
In addition to talking about drilling and regulation trends in the news, the oil industry is also an important part of the U.S. and world financial markets. As early as the year 1919, gasoline sales began to exceed kerosene sales. Oil-powered vehicles, including ships, trucks, tanks, and military planes in World War I proved early on that oil was not only a strategic energy source, but also a critical American military asset. While most Americans only think of the cost of gasoline to run their gars and heat their homes, some of the most successful stock market investors understand the importance of energy costs in the entire world market.
While the oil industry plays a major role in the news and economics of American life, its most important impact can be seen in government policies throughout the world. The nations who can produce and control the petroleum market are often the nations with the most power and resources. In the year 2014, the U.S. produced about 8.7 million barrels of crude oil per day. This total makes us the third largest crude oil producer, only behind the countries of Saudi Arabia and Russia. When a country is able to produce the majority of the crude oil it needs, as well as sell to other countries who produce less, that country is a major player in world politics and world economics.
Beginning in the days of the 1800s when American John D. Rockefeller began his career in the oil refinery business, America has been an important and ongoing part of the oil industry history. When Rockefeller became the industry’s first “baron” in 1865 by forming the Standard Oil Company he became a part of the intertwined history of this country and the oil refinery business.


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