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The Oil & Gas Industry > Oil & Gas Industry History > Flashcards

Oil & Gas Industry History Flashcards

1
Q

1853

A

George Bissel visits oil springs in western Pennsylvania

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2
Q

1859

A

“Colonel” Drake drills first well at Titusville

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3
Q

1861-65

A

American Civil War

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4
Q

1870

A

John D. Rockefeller forms Standard Oil Company

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5
Q

1872

A

South Improvement Company stirs war in the Oil Regions

Rockefeller launches “Our Plan.”

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6
Q

1873

A

Baku oil opened to development

Nobel Family enters Russian oil business

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7
Q

1882

A

Thomas Edison demonstrates electricity

Standard Oil Trust Formed

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8
Q

1885

A

Rothschilds enter Russian oil business

Royal Dutch discovers oil in Sumatra

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9
Q

1892

A

Marcus Samuel sends the Murex through the Suez Canal; beginning of Shell

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10
Q

1896

A

Henry Ford builds his first car

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11
Q

1901

A

William Knox D’Arcy acquires a concession in Persia

Gusher at Spindletop in Texas; beginning of Sun, Texico, Gulf.

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12
Q

1902-04

A

Ida Tarbell’s History of Standard Oil Company serialized in McClare’s

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13
Q

1903

A

Wright Brothers’ first flight

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14
Q

1904-05

A

Japan defeats Russia

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15
Q

1905

A

Revolution of 1905 in Russia; Baku oil fields ablaze

Glenn Poo discovered in Oklahoma

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16
Q

1907

A

Shell and Royal Dutch combined under Henri Deterding

First drive-in gasoline station opens in St. Louis

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17
Q

1908

A

Discovery of oil in Perisa; leads to Anglo-Persian (later British Petroleum)

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18
Q

1910

A

“Golden Lane” discovered in Mexico

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19
Q

1911

A

Agadir Crisis. Churchill becomes First Lord Admirality

U.S. Supreme Court orders dissolution of Standard Oil Trust

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20
Q

1913

A

Burton “cracking” process for refining patented

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21
Q

1914

A

British government acquires 51 percent of Anglo-Persian Oil Company

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22
Q

1914-18

A

World War I and mechanization of the battlefield

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23
Q

1917

A

Bolshevik Revolution

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24
Q

1922-28

A

Negotiation on the Turkish (Iraq) Petroleum Company, leading to the “Red Line Agreement”

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25
Q

1922

A

Los Barroso discovery in Venezuela

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26
Q

1924

A

Teapot Dome Scandal erupts

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27
Q

1928

A

World oil glut leads to meeting at Achnacarry Castle and “As-Is” agreement
French petroleum law

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28
Q

1929

A

Stock market collapse heralds Great Depression

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29
Q

1930

A

Dad Joiner’s discovery in East Texas

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30
Q

1931

A

Japan invades Manchuria

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31
Q

1932

A

Discovery of oil in Bahrain

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32
Q

1932-33

A

Shah Reza Pahlavi cancels the Anglo-Iranian concession; Anglo-Iranian wins it back.

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33
Q

1933

A

Franklin Roosevelt becomes President of the United States
Adolf Hitler becomes Chancellor of Germany
Standard of California wins concession in Saudi-Arabia

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34
Q

1934

A

Gulf and Anglo-Iranian gain joint concession in Kuwait

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35
Q

1935

A

Mussolini invades Ethiopia; League of Nations fails to impose oil embargo.

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36
Q

1936

A

Hitler remilitarizes Rhineland and begins preparations for war, including a major synthetic fuels program.

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37
Q

1937

A

Japan begins war in China.

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38
Q

1938

A

Oil discovered in Kuwait and Saudi Arabia.

Mexico nationalizes foreign oil companies.

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39
Q

1939

A

World War II begins with German invasion of Poland.

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40
Q

1940

A

Germany overruns Western Europe.

United States puts limits on gasoline exports to Japan.

41
Q

1941

A

Germany invades Soviet Union (June).
Japanese takeover of Southern Indochina leads United States, Britain and Netherlands to embargo oil to Japan (July).
Japan Attacks Pearl Harbor (Dec.).

42
Q

1942

A

Battle of Midway (July).
Battle of El Alamein (September).
Battle of Stalingrad (Begins November).

43
Q

1943

A

The first “fifty-fifty” deal in Venezuela.

Allies win Battle of the Atlantic.

44
Q

1944

A

Normandy landing (June).
Patton runs out of gas (August).
Battle of Leyte Gulf, Philippines (October).

45
Q

1945

A

World War II ends with defeat of Germany and Japan.

46
Q

1947

A

Marshall Plan for Western Europe.

Construction begins on Tapline for Saudi Oil.

47
Q

1948

A

Standard of New Jersey (Exxon) and Socony-Vacuum (Mobil) join Standard of California (Chevron) and Texaco in Aramco.
Israel declares independence.

48
Q

1948-49

A

Neutral Zone concessions to Aminoil and J. Paul Getty.

49
Q

1950

A

Fifty-fifty deal between Aramco and Saudi Arabia.

50
Q

1950-53

A

Korean War.

51
Q

1951

A

Mossadegh Nationalizes Anglo-Iranian in Iran (first postwar oil crisis).
New Jersey Turnpike opens.

52
Q

1952

A

First Holiday Inn opens.

53
Q

1953

A

Mossahegh falls; Shah returns.

54
Q

1954

A

Iranian Consortium established.

55
Q

1955

A

Soviet oil export campaign begins.

First McDonald’s opens in suburban Chicago.

56
Q

1956

A 
Suez Crisis (second postwar oil crisis).
Oil discovered in Algeria and Nigeria.
57
Q

1957

A

European Economic Community established.
Enrico Mattei’s deal with the Shah.
Japan’s Arabian Oil Company wins Neutral Zone offshore concession.

58
Q

1958

A

Iraqi revolution.

59
Q

1959

A

Eisenhower imposes import quotas.
Arab Petroleum Congress in Cairo
Groningen natural gas field discovered in Netherlands.
Zelten field discovered in Libya

60
Q

1960

A

OPEC founded in Baghdad.

61
Q

1961

A

Iraqi attempt to swallow Kuwait frustrated by British troops.

62
Q

1965

A

Vietnam War buildup.

63
Q

1967

A

Six Day War, Suez Canal closed (Third postwar oil crisis).

64
Q

1968

A

Oil discovered on Alaska’s North Slope.

Ba’thists seize power in Iraq

65
Q

1969

A

Qaddafi seizes power in Libya.
Oil discovered in the North Sea.
Santa Barbara oil spill.

66
Q

1970

A

Libya “squeezes” oil companies.

Earth Day.

67
Q

1971

A

Tehran Agreement.
Shah’s Persepolis celebration.
Britain withdraws military force from Gulf.

68
Q

1972

A

Club of Rome study.

69
Q

1973

A

Yom Kippur War; Arab Oil embargo (forth postwar oil crisis).
Oil price rises from $2.90 per barrel (September) to $11.65 (December).
Alaskan pipeline approved.
Watergate scandal widens.

70
Q

1974

A

Arab Embargo Ends.
Nixon resigns.
International Energy Agency (IEA) founded.

71
Q

1975

A

Automobile fuel efficiency standards established in the United States.
First oil comes ashore from North Sea.
South Vietnam falls to communists.
Saudi, Kuwaiti, and Venezuelan concessions come to an end.

72
Q

1977

A

North Slope Alaskan oil comes to market.
Buildup of Mexican production.
Anwar Sadat goes to Israel.

73
Q

1978

A

Anti-Shah demonstrations, strikes by oil workers in Iran.

74
Q

1979

A

Shah goes into exile; Anaytollah Khomeini takes power.
Three Mile Island nuclear plant accident.
Iran takes hostages at U.S. Embassy.

75
Q

1979-81

A

Panic Sends oil from $13 to $34 a barrel (fifth postwar oil crisis).

76
Q

1980

A

Iraq launches war against Iran.

77
Q

1982

A

OPEC’s first quotas.

78
Q

1983

A

OPEC cuts price to $29.

Nymex launches the crude oil futures contract.

79
Q

1985

A

Mikhail Gorbachev becomes leader of Soviet Union.

80
Q

1986

A

Oil Price collapse.

Chernobyl nuclear accident in USSR.

81
Q

1988

A

Ceasefire in Iran-Iraq War.

82
Q

1989

A

Exxon Valdez tanker accident off Alaska.

Berlin Wall falls; communism collapses in Eastern Europe.

83
Q

1990

A

Iraq invades Kuwait.

UN imposes embargo on Iraq; multinational force dispatches to Middle East (sixth postwar oil crises).

84
Q

1991

A

Gulf War
Kuwait oil fields set afire.
Collapse of Soviet Union
Maastricht Treaty provides for Single European currency.

85
Q

1993

A

U.S. Congress approves North America Free Trade Agreement

86
Q

1994

A

E-Commerce begins

87
Q

1995

A

Internet users reach 16 million

88
Q

1997

A

Asian Financial Crisis Begins

Kyoto Protocol on Climate Change

89
Q

1998

A

Oil collapses to $10 a barrel range

Financial crisis spreads-Russia defaults

90
Q

1998-2002

A

Consolidation among oil majors

91
Q

2000

A

Vladimir Putin elected Russia’s president
Dot-com boom begins collapse
PetroChina first of Chinese oil company IPOs
Prius hybrid comes on sale in U.S.

92
Q

2001

A

9/11–Al-Quaeda attacks World Trade Center and Pentagon

War in Afghanistan begins

93
Q

2002

A

Strikes and political conflict disrupt Venezuela oil output

94
Q

2003

A

War in Iraq begins–Iraqi oil disrupted.

95
Q

2004

A

World oil demand jumps on strong global economic growth, tightening market.
National oil companies (NOCs) move to the fore

96
Q

2005

A

U.S. mandates ethanol in gasoline

Baku-Tbilisi-Ceyhan pipeline begins operations, linking Caspian and Mediterranean Seas

97
Q

2006

A

President Bush calls for end to “addiction to oil”
“Tupi”-first major discovery in new Brazilian offshore oil province
First UN sanctions aimed at Iranian nuclear program

98
Q

2007

A

Credit crisis begins in the U.S.

Chinese auto sales exceed 7 million

99
Q

2008

A

Oil hits $147.27-U.S. gasoline over $4 a gallon
“Speculation” and oil prices becomes major political issue
“Worst financial crisis since the Great Depression”
U.S. and Europe launch massive bank bailouts
World recession, demand weakens, oil falls to $32.40

The Oil & Gas Industry (8 decks)

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