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Oil economics 1
Whales were hunted for their oil, which was used for lighting, but as demand increased the whale population declined. Samuel Kier discovered oil could be extracted from salt mines as a byproduct. George Bissell and Benjamin Sillman realized kerosene could be distilled from crude oil. This led to the founding of the Pennsylvania Rock Oil Company and Colonel Drake's first oil well in 1859, launching the petroleum industry. John D. Rockefeller founded Standard Oil, which came to control 90% of the US market by 1890. Developments in gasoline-powered cars and jets increased demand for oil as a transportation fuel.
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Oil economics 1
- 1. What do whaleshave to do with Saudi Arabia?
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- 4. 1750 B.C. 41.5Hours
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- 7. Whale oil forlight Demand increases Whales are common property Run out of whales Price of lamp oil goes up Look for substitutes
- 8. Samuel Kier ! Pennsylvania USA ! 1840s ! Salt Mine ! Oil byproduct
- 10. Petroleum Latin petra- rock oleum - oil
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- 12. Benjamin Stillman ! Yale University ! First to distill petroleum into parts or fractions ! distill is to heat up and capture vapor at different temperatures
- 13. BISSELL REPORT ! Your company have in their possession a raw material from which, by simple and not expensive process, they may manufacture very valuable products. ! It is worthy of note that my experiments prove that nearly the whole of the raw product may be manufactured without waste, and this solely by a well-directed process which is in practice in one of the most simple of all chemical processes.” ! Professor Benjamin Sillman Yale College
- 14. Products Degrees C.Carbon liquified petroleum gas 20 1 - 4 chemical, naphtha 70 5 - 9 gasoline 120 5 - 10 jet fuel, kerosene, paraffin 170 10 - 16 diesel 270 14-20 lubricants, oils, waxes, polishes 320 20 - 50 ships, factories, heating 370 20 - 70 bitumen, roads, roofs 400 >70
- 16. George H. Bissell ! Needed Financial Capital: incorporation laws and investors ! Pennsylvania Rock- Oil Company ! Used Stillman Report
- 18. Colonel Drake August27, 1859 ! Colonel Drake Titusville, Pennsylvania USA
- 20. Kerosene ! Greek “wax” ! Gasoline and Diesel ! Dangerous byproducts
- 21. Electric Light Bulb 1883 ! ! 1/4 the the price of Kerosene light
- 22. Nikolaus Otto 1867 Germany
- 23. Charles Duryea 1892 First gasoline-powered car ! !
- 24. Rudolph Diesel French- German ! reads a book by Sadi Carnot ! 1881 patent ice maker
- 25. At first, hissubmission is declined as being "not original", however, after an appeal, a patent is granted on February 28, 1892. ! Has 15 years of protection ! Receives patents in Germany, United States, and England ! Financial Capital Maschinefabrik Augsburg
- 26. John D. Rockefeller Buys first refinery 1865 ! Starts Standard Oil 1870 ! Controls 90% of U.S. oil market 1890
- 27. Standard Oil ! Blue Barrel of Oil bbl ! 42 U.S. gallons 159 liters ! allow for evaporation and leakage to 40 gallons
- 28. Henry Ford automobile innovator ! Starts Ford Motor Company 1903
- 29. 1908 Model TFord
- 32. Ford Cars Rockefeller Gasoline
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- 40. Damman No. 7 March 3,1938 ! Dhahran ! Standard Oil Rockefeller World’s most valuable company
- 41. Hans von Ohain German ! 1939 ! Gas Turbine
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- 43. Frank Whittle U.K. ! May 15, 1941 First Jet Aircraft Flight
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- 46. Lubes, Waxes, other 7% Road Construction 4% Refinery Fuel 4% Plastics & Petrochemicals 6% Industrial Fuel 8% Heating 7% Transportation 64% Global Oil Use
- 47. Transportation 64% ofGlobal Oil Use Jet Fuel 6% Gasoline 26% Residual Fuel 12% Diesel 20%