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When Col. Edwin L. Drake drilled oil at Titusville in 1859 could not anticipated the impact oil industry could have to the modern world. Though oil industry has been in various ups and downs but it has remained to be the most valuable asset and the cheapest energy resources in the world…
Oil industry boomed especially during 1860 and 1900 when scientific and technological discoveries took place. Another oil pioneer that is credited for his contribution to the oil expansion is French engineer J.J. Etienne Lenoirn who with his discovery of first world internal combustion engine which depended much to the gasoline.
Though it took almost 40 years to have clear automobile and interdependency of oil and industries, Lenoirn certainly paved the way for oil production with his innovation of internal engine combustion. In 1990, kerosene sky-rocketed the oil production due to the domestic usage of lighting and cooking, which later on the supply was affected by the invention of electric bulbs.
After World War I, city construction in Europe paved the way for automobiles which later on increased oil production. Though most of war automobiles used fuel which was largely supplied by US, which led to the systemization of oil production, refining and shipping. Oil importance was vividly seen during this time which contributed much to the US economic growth. The US became the world superpower nation due to the wealth accumulated during the year of 1950 to 1965 which doubled again from year 1965 to 1980.
Though an oil price has been fluctuating, oil and its products have been valuable resource which contribu ...
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