The central importance of oil to modern society has necessitated considerable public and private resources are devoted to its procurement. In addition to procurement infrastructure, financial markets have emerged for the sale and speculation on future prices. Oil is a complex resource that must be understood from multi-dimensional perspectives.
Petroleum, or crude oil, is a naturally occurring liquid that is chemically composed of hydrocarbons of varied molecular weights and organic compounds (Morgan 2009). While petroleum has been used in a variety of forms since ancient history, it was not until the invention of the internal combustion engine in the 19th century that oil became used in its modern form (Morgan 2009). The world’s first oil well was drilled in Poland in 1853 (Morgan 2009). This well was followed by a string of wells throughout the globe, with considerable early development throughout Russia (Morgan 2009). ...Show more