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Flashcards in Oil & Gas Industry History Deck (99):
1

1853

George Bissel visits oil springs in western Pennsylvania

2

1859

“Colonel” Drake drills first well at Titusville

3

1861-65

American Civil War

4

1870

John D. Rockefeller forms Standard Oil Company

5

1872

South Improvement Company stirs war in the Oil Regions
Rockefeller launches “Our Plan.”

6

1873

Baku oil opened to development
Nobel Family enters Russian oil business

7

1882

Thomas Edison demonstrates electricity
Standard Oil Trust Formed

8

1885

Rothschilds enter Russian oil business
Royal Dutch discovers oil in Sumatra

9

1892

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

10

1896

Henry Ford builds his first car

11

1901

William Knox D’Arcy acquires a concession in Persia
Gusher at Spindletop in Texas; beginning of Sun, Texico, Gulf.

12

1902-04

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

13

1903

Wright Brothers’ first flight

14

1904-05

Japan defeats Russia

15

1905

Revolution of 1905 in Russia; Baku oil fields ablaze
Glenn Poo discovered in Oklahoma

16

1907

Shell and Royal Dutch combined under Henri Deterding
First drive-in gasoline station opens in St. Louis

17

1908

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

18

1910

“Golden Lane” discovered in Mexico

19

1911

Agadir Crisis. Churchill becomes First Lord Admirality
U.S. Supreme Court orders dissolution of Standard Oil Trust

20

1913

Burton “cracking” process for refining patented

21


1914

British government acquires 51 percent of Anglo-Persian Oil Company

22

1914-18

World War I and mechanization of the battlefield

23

1917

Bolshevik Revolution

24

1922-28

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

25

1922

Los Barroso discovery in Venezuela

26

1924

Teapot Dome Scandal erupts

27

1928

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

28

1929

Stock market collapse heralds Great Depression

29

1930

Dad Joiner’s discovery in East Texas

30

1931

Japan invades Manchuria

31

1932

Discovery of oil in Bahrain

32

1932-33

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

33

1933

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

34

1934

Gulf and Anglo-Iranian gain joint concession in Kuwait

35

1935

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

36

1936

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

37

1937

Japan begins war in China.

38

1938

Oil discovered in Kuwait and Saudi Arabia.
Mexico nationalizes foreign oil companies.

39

1939

World War II begins with German invasion of Poland.

40

1940

Germany overruns Western Europe.
United States puts limits on gasoline exports to Japan.

41

1941

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

1942

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

43

1943

The first “fifty-fifty” deal in Venezuela.
Allies win Battle of the Atlantic.

44

1944

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

45

1945

World War II ends with defeat of Germany and Japan.

46

1947

Marshall Plan for Western Europe.
Construction begins on Tapline for Saudi Oil.

47

1948

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

48

1948-49

Neutral Zone concessions to Aminoil and J. Paul Getty.

49

1950

Fifty-fifty deal between Aramco and Saudi Arabia.

50

1950-53

Korean War.

51

1951

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

52


1952

First Holiday Inn opens.

53

1953

Mossahegh falls; Shah returns.

54

1954

Iranian Consortium established.

55

1955

Soviet oil export campaign begins.
First McDonald’s opens in suburban Chicago.

56

1956

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

57

1957

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

58

1958

Iraqi revolution.

59

1959

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

60

1960

OPEC founded in Baghdad.

61

1961

Iraqi attempt to swallow Kuwait frustrated by British troops.

62

1965

Vietnam War buildup.

63

1967

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

64

1968

Oil discovered on Alaska’s North Slope.
Ba’thists seize power in Iraq

65

1969

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

66

1970

Libya “squeezes” oil companies.
Earth Day.

67

1971

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

68

1972

Club of Rome study.

69

1973

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

1974

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

71

1975

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

1977

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

73

1978

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

74

1979

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

75

1979-81

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

76

1980

Iraq launches war against Iran.

77

1982

OPEC’s first quotas.

78

1983

OPEC cuts price to $29.
Nymex launches the crude oil futures contract.

79

1985

Mikhail Gorbachev becomes leader of Soviet Union.

80

1986

Oil Price collapse.
Chernobyl nuclear accident in USSR.

81

1988

Ceasefire in Iran-Iraq War.

82

1989

Exxon Valdez tanker accident off Alaska.
Berlin Wall falls; communism collapses in Eastern Europe.

83

1990

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

84

1991

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

85

1993

U.S. Congress approves North America Free Trade Agreement

86

1994

E-Commerce begins

87

1995

Internet users reach 16 million

88

1997

Asian Financial Crisis Begins
Kyoto Protocol on Climate Change

89

1998

Oil collapses to $10 a barrel range
Financial crisis spreads-Russia defaults

90

1998-2002

Consolidation among oil majors

91

2000

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

2001

9/11–Al-Quaeda attacks World Trade Center and Pentagon
War in Afghanistan begins

93

2002

Strikes and political conflict disrupt Venezuela oil output

94

2003

War in Iraq begins–Iraqi oil disrupted.

95

2004

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

96

2005

U.S. mandates ethanol in gasoline
Baku-Tbilisi-Ceyhan pipeline begins operations, linking Caspian and Mediterranean Seas

97

2006

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

2007

Credit crisis begins in the U.S.
Chinese auto sales exceed 7 million

99

2008

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