Oil & Gas Industry History Flashcards
(99 cards)
1
Q
1853
A
George Bissel visits oil springs in western Pennsylvania
2
Q
1859
A
“Colonel” Drake drills first well at Titusville
3
Q
1861-65
A
American Civil War
4
Q
1870
A
John D. Rockefeller forms Standard Oil Company
5
Q
1872
A
South Improvement Company stirs war in the Oil Regions
Rockefeller launches “Our Plan.”
6
Q
1873
A
Baku oil opened to development
Nobel Family enters Russian oil business
7
Q
1882
A
Thomas Edison demonstrates electricity
Standard Oil Trust Formed
8
Q
1885
A
Rothschilds enter Russian oil business
Royal Dutch discovers oil in Sumatra
9
Q
1892
A
Marcus Samuel sends the Murex through the Suez Canal; beginning of Shell
10
Q
1896
A
Henry Ford builds his first car
11
Q
1901
A
William Knox D’Arcy acquires a concession in Persia
Gusher at Spindletop in Texas; beginning of Sun, Texico, Gulf.
12
Q
1902-04
A
Ida Tarbell’s History of Standard Oil Company serialized in McClare’s
13
Q
1903
A
Wright Brothers’ first flight
14
Q
1904-05
A
Japan defeats Russia
15
Q
1905
A
Revolution of 1905 in Russia; Baku oil fields ablaze
Glenn Poo discovered in Oklahoma
16
Q
1907
A
Shell and Royal Dutch combined under Henri Deterding
First drive-in gasoline station opens in St. Louis
17
Q
1908
A
Discovery of oil in Perisa; leads to Anglo-Persian (later British Petroleum)
18
Q
1910
A
“Golden Lane” discovered in Mexico
19
Q
1911
A
Agadir Crisis. Churchill becomes First Lord Admirality
U.S. Supreme Court orders dissolution of Standard Oil Trust
20
Q
1913
A
Burton “cracking” process for refining patented
21
Q
1914
A
British government acquires 51 percent of Anglo-Persian Oil Company
22
Q
1914-18
A
World War I and mechanization of the battlefield
23
Q
1917
A
Bolshevik Revolution
24
Q
1922-28
A
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
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Suez Crisis (second postwar oil crisis).
Oil discovered in Algeria and Nigeria.
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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
