Nineteenth-Century Oil Industry

In 1900, Oil was discovered in Texas, USA, and the Hamill brothers orchestrated the drilling of the wells. The Hamills used a steam engine to drill the well. At 11000, they reached the oil reservoirs. Initially, the oil reservoirs were projected to produce 50 gallons a day but surpassed to 80,000 gallons, making the USA the largest oil producer in the world. This reflection paper seeks to discuss how the discovery of oil in Texas enhanced the economic growth in the country.

Standard Oil was the United States’ first monopoly, and it was a rollercoaster of a ride for the company. Standard Oil started from the ground up and grew into a massive enterprise, that would eventually make John D. Rockefeller the richest man in the world. This would come at a price, the demise of Standard Oil, but multiple companies are born out of the demise of Standard Oil that become some of the largest oil companies today. Standard Oil even caused the United States of America to create a federal act to try and control monopolies from eliminating competition in unethical ways, and from becoming so powerful that they can control not just their markets, but other markets too, and from having the ability to change the price on consumers

By the early 1900’s, everybody was on the search for what was considered black gold, and they would do whatever it took to get a taste of it, as it could turn a person into a millionaire in an instance. It wasn’t until 1901 before Oil(black gold) was found in Spindletop, and with it, Texas would would never be the same. With oil being discovered in all sorts of different places, people started going to these towns and creating what is called boomtowns. These boomtowns started popping up everywhere, and every once in awhile, a few lucky wildcatters(Someone in search of oil) and prospectors would become millionaires. The oil also brought many spinoff jobs with it, such as roadside diners and places to stay. There was so much oil in Texas that

The United States became a world power in the later 19th century. One of the main reasons was the rapid economic growth. A large number of immigrants flooded into the United States and found themselves jobs in all walks of life. The growth in population laid a solid foundation for the further growth in industry and agriculture. At this time, the establishment of the railroad paved the way for the commodity trade and stimulated the growth of iron, coal and related industry. The excellent individuals like Andrew Carnegie and J. P. Morgan led the technology innovation and accumulated huge wealth. The quality of the products and the method of production had increased dramatically. The United States gradually took a lead in economy.

The Sherman Antitrust Act broke apart Standard oil into several pieces in 1911, and one of these pieces, named Standard Oil Co. of California, would later become Chevron. It was a part of the “Seven Sisters”, which dominated the oil industry on a global level in the early 20th century. Standard oil of California could only use the name when it was in California, and so it adopted the name Chevron. In 1933, Saudi Arabia Granted the company a concession to find oil, which led to the discovery of oil in Saudi Arabia, and the world’s largest oil field.

The Middle East has served as the center of art, history, culture, political innovations, and a major geopolitical interest for the Western world. During the 19th century, the Ottoman Empire became of increasing significance to the political economy of European capitalism. European powers were able to structure the terms of their investments in ways that led to the economic and political subordination of the Ottoman Empire and eventually to its destruction. The territory was considered to be strategically valuable to commercial shipping routes and the Europeans projected political and military power in this region. The discovery of oil in the region, particularly Iraq and neighboring Iran contributed to a European and later American involvement

cities, and the explosion of the population were three large factors of nineteenth century America. As steam- driven companies became more visible in the eastern part of the country, they changed farm hands into factory workers and provided jobs for the large wave of immigrants. With industry came the growth of large cities like Fall River where the Bordens lived which turned into centers of commerce and trade as well as

The formation of the Standard Oil has been one of the most dramatic episodes in the history of the U.S. economy. John D. Rockefeller and associates have been building up the largest oil refinery business to this day known as the Standard Oil Company. Previously, Rockefeller and his partners have focused on wiping out all other competition in the oil industry, along with buying out one of their associates, Maurice B. Clark. The Standard Oil business became one of the biggest industrial companies in the United States and other countries, controlling the transportation, production, refining, and marketing of almost all oil products. More and more Standard Oil companies have been created across the country,

Oil makes up over ⅓ of humanities primary energy supply. The production of oil, especially the refining of it is has a huge impact of on the modern day world. Oil has been collected and used since Old Testament Bible times. Oil or petroleum is naturally found in various countries including in and around the United States of America. There are many men who can be linked to the beginning of the American oil industry, but out of all of them the most famous, if not the most influential is John Davison Rockefeller. The history of the United States petroleum industry was influenced by John Rockefeller, and helped define his legacy.

The history of Europe in the nineteenth century led to the tide of the history of the world. People can usually tell from the political, economic and ideological culture. Personally, in my opinion, the capitalism commodities must achieve their specific stages for the development of capitalist commodity economy in the nineteenth century. With the development of the industrial revolution, the scale of the production expands rapidly. The capitalist countries need to develop broader commodity markets throughout the world, in order to grab more raw material. When it comes to regional specialization, the division of labor and products also became the cores of the commodity circulation system of capitalist countries in Europe. The capitalists needed

One of the most influential centuries during human history is the nineteenth century. During this century the world, especially Europe, experienced radical change--change that revolutionized the world, as everyone knew it to be. It was a century of war, of industrialization, of urbanization, and of nationalism. The major development of the nineteenth century was the Industrial Revolution. Every aspect of the nineteenth century is most likely directly influenced by the Industrial Revolution, from normal everyday life of commoners to the rulers of countries and major powers of Europe. The Industrial Revolution encompassed every area of nineteenth century Europe. Whether it was the technological marvels of the day that influenced European

The petroleum industry is still a fairly new concept being only 159 years old, however, there have been many successes within that time that make the products of petroleum very valuable. In 1855, when a petroleum (crude oil) sample was closely analyzed by Benjamin Silliman, a professor at Yale University, it was discovered that the commodity has a wide variety of uses (Folsom). Fifteen years later, John D. Rockefeller had founded Standard Oil, which at the time was the largest corporation in the United States. Bringing in one million dollars in capital and accountable for about 90 percent on the country’s refining processing (Hinsdale). Rockefeller took this business to the next level, making Standard Oil a monopoly and trumping all of the competition. His formula to success was “the best . . .

The oil companies of today’s societies are bigger than from the past and have been making the news worldwide. These companies have been growing and trying to lease more property across the country in order to keep making money. “While the oil and gas industry argue that for expanded access to federal land, they sit on over 29 million acres of unused federal oil and gas leases.” (Elizabeth Lopez, Hill Briefing- Oil and Gas Effects 2011). January 10, 1901 the big oil boom started for Texas. (Mary G. Ramos,Texas Almanac 2000) That’s where it all started, and has grown to a monster of a business since then.

There have been many successful companies that are currently in the oil business and the reason why they have been successful is because of the risks that the company makes to make more money in their industry. This risk in the petroleum world could range from a new piece of equipment, purchased land or expand their production. Pioneer Petroleum is a company that is growing and they are making a conscience decision to determine the rate of return.

By 1970, John D. Rockefeller had officially founded the Standard Oil Company. This time period for the oil industry was a topic of hot debate as there were no anti-monopoly laws in place at the time. Standard Oil became the largest oil refiner and Multinational Corporation in the world. Rockefeller was aware of the competition in the oil industry and proactively began to purchase many of them. Any company that was purchased and deemed inefficient was shut down. Rockefeller also began secret negotiations with