From moo-town to boomtown, the discovery of oil in Oklahoma has largely benefitted the state’s industry. It all started in small town Bartlesville, when oil popped out, spouting from a tower. From there, new oil companies from all over selected Oklahoma as the base for their industry. By the 1920’s, Oklahoma had already received its title as the “Oil Capitol of the World”. In this “Golden Age”, Oklahoma had already become home to thousands of jobs and companies. In the 1950s, oil production slowed down, but picked right back up again in about 1979, when the demand for oil greatly increased. This time around, there was contemporary and more advanced technology for their time, which lowered us down below the earth, thirty thousand feet. Petroleum related occupations became just as prominent as the oil itself. As for natural gas, the very first commercial use launched at a brick plant in Tulsa. The oil and natural gas industry holds a very vital position in Oklahoma’s history.
Still today, this industry contributes to not just American petroleum production, but also provides millions of dollars to Oklahoma’s economy. By 2007, total amounts yielded reached around $40 billion. More than two billion of this profit went towards the state. Annual production from Oklahoma’s natural gas and oil industry generates $51.7 billion in services and goods. That is approximately one-third of Oklahoma’s gross state product. Oil and natural gas corporations account for 25% of Oklahoma’s tax dollars. Schools, roads, teacher retirement, state colleges, bridges, public parks, wildlife preservation, and the occupations of Oklahoma residents would not be possible without the outbreak of oil. Most employments in Oklahoma are relate...
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The Board of Regents of the University of Oklahoma. “Milestones in the Oklahoma Oil and Gas Industry.” Oklahoma Geological Survey. The U of Oklahoma, 2000-2009. Web. 15 Oct. 2011. .
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Legends of America. “Tulsa, Oklahoma.” Legends of America. N.p., 2003-2011. Web. 13 Oct. 2011. .
OERB. “Continuous Strength.” Oklahoma’s Oil & Natural Gas Producers & Royalty Owners. OERB. OERB, 2011. Web. 13 Oct. 2011. .
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“Decide what you want, decide what you are willing to exchange for it. Establish your priorities and get to work.” - H.L Hunt. Spindletop was the first big oil strike in 1901, it gave a new shape to the state’s future. In fact, during World War II,Texas produced twice as much oil than Nazi Germany and Japan did combined. Oil didn’t change Texas overnight. You trusted me to find out What story should be told? After reading the documents that you gave me I decided I would do school funds,minorities in West Texas , and divorce rates.
John D. Archbold, one of seven trustees, reacted to the discovery of oil in Oklahoma by saying, “Are you crazy, Man? Why, I’ll drink every gallon of oil produced west of the Mississippi!” Obviously, the board of trustees did not prioritize expansion of Standard Oil’s infrastructure into the west. Two factors contributed to this lack of enthusiasm regarding western oil.
On January 10th 1901 the discovery of oil at Spindletop would lead to the greatest economy boom the world has ever encountered. The amount of oil that would be discovered across Texas would be more than enough to power America through the next several decades. The effects of having oil would completely change Texas culture, lifestyle, and business tremendously. In the book of Oil In Texas, will prove that America would change completely from agriculture nation to an industrial nation after the discovery of oil in Texas.
The newest proposed phase has been met with mixed feelings. Many companies in industry wish to see the newest phase of the pipeline completed because many believe that it would be very beneficial to almost everyone. One of the biggest benefits that the construction of a new section of pipeline would provide is the large amount of jobs that it would create. The...
Hoffman, Joe. "Potential Health and Environmental Effects of Hydrofracking in the Williston Basin, Montana." Serc.carleton.edu. Carleton College, n.d. Web. 26 Mar. 2014. .
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Oil provided new fuel for transportation and manufacturing, even railroads were able to convert to oil. Oil helped manufacturing plants and farms move to a cheaper source of energy. Another significant factor of oil is that it helped encourage automobile production as well as roads. The production of the Interstate highway led to the movement of people and goods (Champagne, Harpham 13). Rapid industrialization of the Gulf Coast region sparked. By 1929 in Harris County, 27 percent of all manufacturing employees worked in refineries. By 1940 the capacity of the refineries had increased fourfold. The oil and gas industries carried a boom-and-bust mentality (Oliena 1). The economy flourish at times and failed other times, because the prices would rise and fall. When new oil was discovered in a particular place it brought about more people, overcrowding the schools and new housing. Yet a couple years later the town could experience a bust creating poverty and making the town a ghost town. The oil and gas industry transformed the government and its role with the economy. The Texas Railroad Commission was extended to regulate energy and to promote well-spacing rules. Higher education benefitted through the oil and gas industry ( Munch, Francis, and Rundell 604). In 1923 oil was discovered in the West Texas Permian Basin on university land. The Permanent University Fund was split up between the
"EIA Energy Kids - Natural Gas." U.S. Energy Information Administration (EIA). Web. 15 Oct. 2011. .
U.S. Energy Information Association. "U.S. Total Crude Oil and Products Imports." Eia.doe.gov. Web. 26 May 2011. .
Throughout the past three decades, energy has been a perennial issue in United States politics, economics, and media. The main concern surrounding this topic is the idea of energy independence and how the United States should proceed into the future. Energy independence relates to the goal of reducing United States dependence on importing foreign oil and other foreign energy sources. This desire aims to maintain energy dependence domestically so the United States can avoid reliance on any unstable countries and be detached from global energy supply distribution. It is currently being speculated that the United States might not be too far off from this goal. America’s dependence on foreign oil has gone down every single year since 2007. In 2010, the U.S. imported less than 50 percent of the oil the country consumed -- the first time that’s happened in 13 years -- and the trend continued in 2011 (Zhang.) Experts credit new technology as the reason the United States is within several years of again becoming the biggest oil producer in the world, and perhaps two decades away from full energy independence. Hydraulic fracturing, fracking, is the “lead” technology in this technological revolution. Fracking is an economically more feasible way of drilling for oil or gas in harder to reach geological formation. Within the past decade or so, combining hydraulic fracturing with horizontal drilling has opened up shale deposits across the country. It has brought large-scale natural gas drilling to new regions that may not have had accessible deposits in the past. These areas have greatly benefited from the addition of this industry to their local economies. Certain are...
The United States relies on imports for about forty percent of its crude oil, which is the lowest rate of dependency since 1991 according to the U.S Energy Information Administration. Today our country is trying to keep on track in becoming less and less dependent. When it comes to the topic of the future ways the United States will get its fuel, most of us readily agree that the United States should become more independent by using natural gas that is already here on our land. Where this argument usually ends, however, is on the question of the consequences drilling for natural gas brings. Whereas some are convinced drilling is safe, others maintain that it is actually in fact dangerous. Hydraulic fracturing or "fracking", the terms for drilling for natural gas, is dangerous to our public health and to the environment because of the water contamination it causes. Therefore, it is not something that should become a project for alternative fuel used by the United States.
Wright, R. T., & Boorse, D. F. (2011). The U.S. dependency on foreign oil presents many negative impacts on the nation’s economy. The cost of crude oil represents about 36% of the U.S. balance of payments deficit. Wright, R. T., & Boorse, D. F. (2011). This does not directly affect the price of gas being paid by consumers, but the money paid circulates in the country’s economy and affects areas such as the job market and production facilities.
Since the early 2000’s, after new technological advancements in fracking and the discovery of large shale reserves across the country, fracking has increased domestic energy production substantially. Shale gas production has increased 20% from 2005 to 2012, promoting a more prosperous economic demand for domestic energy solutions (Pritchard). The demand for transportation vehicles, fuel, housing and water also increases with the expansion of fracking. Furthermore, the increase in fracking has increased employment significantly. In a country struggling to rebound from a recession, well-paying jobs are easily accessible in the booming oil field. This is evident in the prosperous state of North Dakota, in which the unemployment rate has fallen to 2.8 %( Gottesdiener). However, although this industrial expansion creates temporary employment, the consequences of mismanagement may also cost millions of dollars to repair. Fracking has the potential to create environmental damage such as water contamination, radioactive spills, and increased seismic activity that could cost thousands of dollars in damage. The cleanup of drinking water contamination is difficult and expensive, and ultimately rarely attempted. Moreover, the cost to replace the drinking water of contaminated homes and communities also cost a substantial amount of money (The Costs of
finding new ways to drill for oil and also refine it more efficiently to ensure that
The industry is divided into three distinct sectors including the upstream, midstream and downstream sectors. The upstream sector includes the exploration and production of crude oil as well as the exploration and production of natural gas. This sector has experienced the largest amount of deals in terms of mergers and acquisitions, which will be further discuss in section III. The midstream sector involves the transportation of extracted petroleum from the upstream sector through pipelines, rail, barge, truck as well as storage. Finally, the downstream sector connects the end consumers through derived products such as gasoline, liquefied natural gas (LPG), liquefied natural gas (LNG), kerosene (aircrafts), and diesel…