The Oil And Gas Industry

1146 Words5 Pages
The oil and gas industry is crucial to the U.S. economy and plays a central role in its environment, society, and economic development . The U.S. consumes more oil than any other country. Products derived from oil include medicine, recreational sports items, cosmetics, plastic, chemicals, transportation liquids, etc... This is to say, crude oil is the most important natural resource of the industrialized nations, as it has assisted in the technical expansion and discovery of new sources and production of existing oil fields (Wintershall, 2015). The North American Industry Classification System (NACS) code for upstream oil and gas is 213112 Support Activities for Oil and Gas Operations. This code is used by Federal statistical agencies in classifying businesses for purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. The broad Standard Industrial Classification (SIC) for oil and gas exploration falls under SIC 13. Throughout this paper, we explore oil extraction in the U.S., SIC 1311, and provide an economic analysis of the Upstream Oil Exploration Companies in the United States. History Oil history in the United States began in the 19th century. In 1859 John D. Rockefeller built a small oil refinery. In 1866 he opened an export office in New York City, and a year later Rockefeller joined forces with his brother William, S.V. Harkness, and Henry M. Flagler and created what was to become the Standard Oil Company. In

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