Oil – History, Extraction, Impacts, and Future

Oil

A liquid fossil fuel formed from ancient organic materials.

Upstream Sector

The segment of the oil industry focused on exploration and extraction.

Midstream Sector

The segment of the oil industry involved in transporting oil.

Downstream Sector

The segment of the oil industry responsible for refining oil into fuels and other products.

Enhanced Oil Recovery (EOR)

Techniques like CO₂ injection used to extract more oil from reservoirs.

Fracking

A method that combines horizontal drilling with hydraulic fracturing to access shale oil and gas.

OPEC

Organization of the Petroleum Exporting Countries, formed to regulate oil prices.

Spindletop

A site in Texas where the oil boom began in 1901, making the U.S. a leader in production.

Cleaner Gasoline

Refined fuel with reduced sulfur emissions.

Biofuels

Renewable fuels that can partially substitute for traditional fossil fuels.

Peak Oil

The point at which global oil production reaches its maximum level.

Green Tech

Technologies such as electric vehicles and renewables that reduce oil demand.

Double-Hulled Tankers

Tankers designed to prevent oil spills by having two layers of hull.

Economic Pros of Oil

High energy density and fuels global trade.

Environmental Cons of Oil

Spills, carbon dioxide emissions, and refinery pollution.

Social Pros of Oil

Job creation in extraction and refining sectors.

Health Risks of Oil

Pollution and spill-related health hazards.

Future of Oil

The potential decline in dominance due to renewable technologies and environmental pressures.