Must-Knows About The Oil and Gas Industry

In 2014, the start of the massive drop in oil price worldwide happened. With the increased global supply, there is more consumable oil than before. Even with this fact, oil is still considered among the valuable commodities because it is an indispensable natural resource. Crude oil, for instance, is used to produce several products like plastics, gasoline, and pharmaceutical drugs.

Interesting Facts Regarding The Oil & Gas Industry

In 500 BC, the first recorded use of pipelines in order to transport natural gas was recorded in China. The pipelines used were made of bamboo.

Saudi Aramco is known to be the largest exporter of crude oil. Apart from that, it is also the world’s most valuable company and the largest onshore and offshore oil fields. Officially though, the most valuable company in the world is Apple at more than $700 billion; still, Saudi Aramco is believed to be worth $1.25-$7 trillion.

Did you know that John D. Rockefeller pioneered the American oil industry? There was even a point where he single-handedly controlled 90% of it. At the time of his death, he had a fortune of about US$336 billion.

When it comes to oil and gas, people tend to focus on the Middle East. But did you know that the largest share of global reserve in the world is owned by Venezuela at 17.5% as of 2014?

In the US history, $18.7 billion is considered to be the largest environmental fine. It was given to BP because of its oil spill in the Gulf of Mexico in 2010. In fact, this was regarded as the worst offshore oil spill ever in the United States.

Trivia Info Resource: alnowais.com