Essay About Oil Industry

Essay About Oil Industry-20
Though this theory had been discarded long ago, the name remains! Since then the meteoric rise of this fossil as a source of fuel in the global energy scene was spectacular — soon it surpassed all other traditional sources of fuel. Multiple usability of Petroleum in dif­ferent fields of machine civilization made it indispensable for the growth of economic life of mankind. So, formerly, it was believed that petroleum was originated from rock.

Though this theory had been discarded long ago, the name remains! Since then the meteoric rise of this fossil as a source of fuel in the global energy scene was spectacular — soon it surpassed all other traditional sources of fuel. Multiple usability of Petroleum in dif­ferent fields of machine civilization made it indispensable for the growth of economic life of mankind. So, formerly, it was believed that petroleum was originated from rock.

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It was only on 27th August 1859 that the first oil-well was constructed by Colonel Edwin L. Transportation, defense, technology, industry, commerce, research and development and many other facets of human lifestyle was greatly modified after the use of petroleum.

Petroleum—alias ‘black gold’ — is the latest entrant in the field of fossil fuel. Every aspect of day-to-day life of man is somehow influenced by the use of petro­leum.

However, during the years leading up to and following the collapse of the Soviet Union, production fell sharply (Cooper 2009, 15).

The administration of Boris Yeltsin saw real GDP fall by thirty percent and inflation rise to thousands of percent (Cooper 2009, 2).

This control of the flow and direction of oil and gas to Europe and central Asia has amassed Russia a significant amount of political power.

Furthermore, Russia's ability to dictate gas prices in the form of long term contracts with other countries has given it a political advantage in international relations.

When pressed by the European Union on the issue of exploiting these dependencies and encouraged to open up its pipelines to foreigners by ratifying the 1994 Energy Charter Treaty, Russia blatantly refused.

The contribution of petroleum in different ways can be summarized in the following manner: (a) Transport and Communication: Petroleum is needed to keep the mobility of trans­port system intact.

Furthermore, Russia's control of the existing pipeline distribution network allowed the country to leverage its position as a supplier to neighboring countries and gain political power.

Opportunities arise from both greater demand in the increasingly lucrative European markets as well as emerging Asian economies seeking to access Russia's pipelines.

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