5 Things You Didn't Know About Oil
Thursday, July 21, 2011
Oil is one resource that has been the subject of many conspiracy theories, controversies and myths. It has always driven the political dynamics between countries and played a pivotal role in crippling or elevating economies. Have you wondered what it would be like if the world hit 'peak oil', or what that concept entails? Do you know how far the oil industry dates back to? Have you ever noticed how entrenched oil products are in our day to day use? It isn't called Black Gold for nothing.
This week OilVoice compiles five things about oil that you may have always wanted to know and we were afraid you would never ask.
1. Origin
The term 'petroleum' is derived from a Greek word 'Petra', which means rock and a Latin word 'oleum', meaning oil, so the word 'petroleum' literally means 'rock oil' and the term was first introduced in the year 1556 by German mineralogist Georg Bauer.
There are two theories doing the rounds on how petroleum or crude oil is formed. One theory, the more popular and accepted one, attributes its formation to fossilised planktons and algae, the reason why it is also known as a 'fossil fuel.' The second theory, called the Abiogenic origin hypothesis, refers to oil springing from hydrocarbons beneath the earth's surface, which are of a purely inorganic nature.
Drilling for oil dates as far back as 347 AD in China, where people linked bamboo shoots to obtain oil from pits dug 800 feet/240 m deep. There is also evidence pertaining to the use of asphalt in building walls in ancient Babylon. From such modest use, the oil consumption has increased tremendously since the advent of industrial revolution in the 18th and the 19th century. The resource has seeped in to every aspect of our daily life giving rise to an industry that sees billions and billions of dollars worth of investments every year to meet the growing demand. Today, China and United States figure prominently in the world's largest consumers of crude oil. The USA consumes 18,613,000 bbl per day (2011), which is more than 25% of the world's total and China has recorded 9,310,000 bbl per day (2011).
Sneak
