See A. Dolamore, The Essential Olive Oil Companion (1989).
Petroleum seeping out of underground reservoirs has been collected and used for light throughout recorded history. In the 4th cent. A.D. the Chinese drilled for oil and natural gas, but in the 1850s, oil was still being recovered by skimming it off the tops of ponds. As whale oil became less abundant, producers looked for new ways to extract oil. Edwin Drake dug the first modern oil well in Titusville, Pa, hitting oil at 69.5 ft (21.2 m), touching off an oil rush in the area. (Most modern wells go down over 4,700 ft (1,432 m).) In 1861 the first oil refinery was set up.
During the late 19th cent., many of the modern oil companies were created: John D. Rockefeller invested in a Cleveland oil refinery during the Civil War and in 1870 created Standard Oil, which refined about 95% of the United States' oil in 1880. In 1911, Standard Oil was declared an illegal monopoly and split into 34 companies, including Esso (renamed Exxon in 1972), Mobil, Chevron, Atlantic Richfield (later ARCO), and Amoco. Texaco (founded in 1902), Shell (1907), and British Petroleum (1909) were also established in this period. As the auto industry vastly increased the demand for gasoline refined from oil, oil companies expanded their search for new reserves. In the 1930s oil companies began exploiting a huge E Texas oil field that would eventually produce 4 billion barrels of oil. Chevron, Texaco, Exxon, and Mobil expanded their reserves by purchasing the rights to the extensive Saudi Arabian oil fields for only $50,000. In 1946 oil replaced coal as the world's most popular energy source.
In 1960 the Organization of Petroleum Exporting Countries (OPEC) was formed. Over the next decade, OPEC required that the major oil companies provide them with a larger percentage of the profits from their fields. After the oil embargo in 1973, OPEC boosted prices to $35 a barrel in 1981. The resulting energy crisis forced many developing countries to pay more for energy, negatively affecting Third World debt; industrialized countries implemented new measures to conserve and develop new sources of energy. Some new oil fields in Alaska and the North Sea were developed, boosting the world's oil reserves from 645.8 billion barrels in 1978 to 1,052.9 billion barrels in 1998. With an abundant supply, oil prices dropped and stayed low through the 1990s, until 1999 when OPEC announced that it would cut production in order to increase oil prices worldwide. With the help of non-OPEC oil-producing nations, the organization was subsequently generally able to maintain prices between $20 and $30 a barrel, and world events and demand have driven prices significantly higher.
Economies dependent on oil production remain subject to the gyrations of the market. The collapse of oil prices in the mid-1980s ruined many independent refiners and helped produce a recession in such states as Texas; it also hurt Mexico, Venezuela, and other oil-producing nations. In contrast, the rise in oil prices since 1999 has been responsible for economic growth in Russia, Venezuela, and other oil producers. Improved recovery methods combined with higher prices that justify more expensive extraction costs have rejuvenated production in some older oil fields, increased the estimates of reserves in existing fields, and made feasible the exploitation of deposits once considered uneconomical.
Many oil-producing nations in the Middle East and Latin America have set up their own refining operations since the 1970s, and state-owned oil companies in OPEC countries are now among the world's largest. Many large oil companies have diversified into chemicals, and oil prices are increasingly set on commodity trading exchanges such as the New York Mercantile Exchange. Beginning in the late 1990s, the industry saw increased consolidation as already large oil companies merged with each other, including Exxon (the largest U.S. oil company) with Mobil (the second largest; forming ExxonMobil), Chevron with Texaco and Unocal as Chevron, British Petroleum with Amoco and ARCO as BP, and Conoco with Phillips Petroleum as ConocoPhillips.
See A. Sampson, The Seven Sisters (1975); D. Yergin, The Prize (1991).
Any of a class of highly volatile (readily evaporating) organic compounds found in plants and usually named for them (e.g., rose oil, peppermint oil). They have been known and traded since ancient times. Many essential oils contain isoprenoids. Some, such as oil of wintergreen (methyl salicylate) and orange oil (math.d-limonene), have one predominant component, but most have dozens or hundreds. Trace components impart an oil's characteristic odour, which synthetic or blended oils can rarely duplicate. Essential oils have three primary commercial uses: as odorants in perfumes, soaps, detergents, and other products; as flavours in baked goods, candies, soft drinks, and many other foods; and as pharmaceuticals, in dental products and many medicines (see aromatherapy).
Learn more about essential oil with a free trial on Britannica.com.
Synthetic crude oil that is extracted from oil shale by pyrolysis, or destructive distillation. The oil obtained from oil shale cannot be refined by the methods that have been developed for crude oil, however, because shale oil is low in hydrogen and contains large amounts of nitrogen and sulfur compounds. To be made usable, shale oil must be hydrogenated and then chemically treated to remove the nitrogen and sulfur, a process too expensive to make shale oil commercially competitive with crude oil. Seealso kerogen, petroleum.
Learn more about shale oil with a free trial on Britannica.com.
Organic compound, a clear, oily, highly flammable liquid with a strong odour, distilled from petroleum (10–25percnt of total volume). It is a mixture of about 10 different types of fairly simple hydrocarbons, depending on its source. It is less volatile than gasoline, boiling at 285–610 °F (140–320 °C). It is burned in lamps, heaters, and furnaces and is used as a fuel or fuel component for diesel and tractor engines, jet engines, and rockets and as a solvent for greases and insecticides.
Learn more about kerosene with a free trial on Britannica.com.
First method for direct measurement of the electric charge of a single electron, originally performed in 1909 by Robert Millikan. He used a microscope to measure the rate of descent of tiny oil droplets directed through the top of a box. By halting the descent of droplets carrying their own electric charge by means of precisely adjusting the voltage between the box's metal top and bottom, he discovered that the electric charges on the drops were all whole-number multiples of a lowest value, the elementary electric charge itself, and thus that electric charge exists in basic natural units.
Learn more about Millikan oil-drop experiment with a free trial on Britannica.com.
Any fine-grained sedimentary rock that contains solid organic matter (kerogen) and yields significant quantities of oil when heated. This shale oil is a potentially valuable fossil fuel, but the present methods of mining and refining it are expensive, damage the land, pollute the water, and produce carcinogenic wastes. Thus, oil shale will probably not be exploited on a wide scale until other petroleum resources have been nearly depleted. Estonia, China, and Brazil have facilities for producing relatively limited quantities, and the U.S. government operates an experimental plant in Colorado.
Learn more about oil shale with a free trial on Britannica.com.
Deposit of loose sand or partially consolidated sandstone that is saturated with highly viscous bitumen. Oil recovered from tar sands, commonly referred to as synthetic crude, is a potentially significant form of fossil fuel. The largest known deposits of tar sands occur in Canada's Athabasca River valley, where commercial projects for synthetic oil production from tar sands are being carried out.
Learn more about tar sand with a free trial on Britannica.com.
Painting in oil colours, a medium consisting of pigments suspended in drying oils. Oil paint enables both fusion of tones and crisp effects and is unsurpassed for textural variation. The standard consistency of oil paint is a smooth, buttery paste. It is applied with brushes or a thin palette knife, usually onto a stretched linen canvas. Finished oil paintings are often coated with varnish. Oil as a painting medium is recorded as early as the 11th century, though the practice of easel painting with oil colours stems directly from 15th-century techniques of painting with tempera (see tempera painting). In the 16th century oil colour emerged as the basic painting material in Venice; it has been the most widespread medium for easel paintings ever since.
Learn more about oil painting with a free trial on Britannica.com.
Dense, colourless, oily, corrosive liquid inorganic compound (H2SO4). A very strong acid, it forms ions of hydrogen or hydronium (H+ or H3O+), hydrogen sulfate (HSO4−), and sulfate (SO42−). It is also an oxidizing (see oxidation-reduction) and dehydrating agent and chars many organic materials. It is one of the most important industrial chemicals, used in various concentrations in manufacturing fertilizers, pigments, dyes, drugs, explosives, detergents, and inorganic salts and acids, in petroleum refining and metallurgical processes, and as the acid in lead-acid storage batteries. It is made industrially by dissolving sulfur trioxide (SO3) in water, sometimes beyond the saturation point to make oleum (fuming sulfuric acid), used to make certain organic chemicals.
Learn more about sulfuric acid with a free trial on Britannica.com.
Any greasy substance liquid at room temperature and insoluble in water. It may be a fixed (nonvolatile) oil, an essential oil, or a mineral oil (see petroleum). Fixed oils and fats (derived from animals and plants) have the same chemical composition—both are esters of glycerol and fatty acids. These oils have a variety of industrial and food uses. Linseed, tung, and other drying oils are highly unsaturated (see saturation); these and large quantities of soybean, sunflower, and safflower oils (also constituents of foods) are used in paints and varnishes. When exposed to air they absorb oxygen and polymerize (see polymerization), forming a tough coating. Some specialty oils and oil derivatives are also used in leather dressing and textile manufacture.
Learn more about oil with a free trial on Britannica.com.
Oil obtained primarily from the liver of the Atlantic cod and related fish. It is principally a mixture of the glycerides (see glycerol) of many fatty acids, but its minor constituents, the fat-soluble vitamin A and vitamin D, give it its importance. It was once used to treat and prevent rickets, but the widespread fortification of milk with vitamin D in the United States and Europe beginning in the 1930s eliminated rickets as a significant public health problem. It is still used as a remedy for joint pain caused by arthritis and as a preventive of cardiovascular disease, although these benefits have not been proven scientifically. It is also used in feeds for poultry and other animals.
Learn more about cod-liver oil with a free trial on Britannica.com.
![]()
Castor-oil plant (Ricinus communis).
Learn more about castor-oil plant with a free trial on Britannica.com.