Analysis of the Oil Industry Essay - 7118 Words

Analysis of the Oil Industry I. The Oil Industry The oil industry can not be discussed without mentioning the name John D. Rockefeller. Rockefeller changed the business of oil distribution. In the 19th century Rockefeller began his humble beginnings with a small investment, along with two other partners, in the oil refining business. Eventually Rockefeller upset at the direction of the company bought out his partners. He was now buying into refining and developing kerosene and other petroleum-based products. He later named this company The Standard Oil Company which by 1872 nearly owned all the oil refineries in Cleveland. In 1882, Rockefeller took all his holdings and merged them into the Standard Oil Trust. Through smart business†¦show more content†¦Though it took many years to get in British Petroleum was able to start with a selective group of stations and build from there. BP, Chevron, and ExxonMobile today make up three of the biggest in the oil industry. (Chevron Official Website) These three companies have all been created by many purchases and mergers over the last hundred years and must be described to have a better understanding. It was the demand for low oil prices, convenience, and superior quality that led to the companies tremendous growth in the last century. II. ExxonMobile History Out of the Standard Oil Trust breakup came two companies named Standard Oil of New Jersey and Standard Oil of New York otherwise known as Sonoco. Since they were not allowed to use the Standard name in territories given to the other breakup companies they had to change the name of their brand. They would market their gas under the name Esso and Mobilgas with the Standard label still displayed on their signs. With this increased competition Jersey Standard and Socony were forced to focus on quality and a low cost. To achieve this low cost they purchased interests in overseas oil mostly in the Middle East. Both these companies also were able to compete in overseas markets in Europe and Asia. With the take off of the car, the gasoline industry was booming. Both suffered from fierce competition. However Jersey and Socony had aShow MoreRelatedIndustry Analysis : The Oil And Gas Industry976 Words   |  4 PagesIndustry Analysis: The oil and gas industry is expansive and rather complex industry consisting of oil, fossil fuels, natural gas, oil and green energy sources. Combined the above sources make-up 32% of total energy consumed worldwide. Three sectors define the value chain of the oil industry; Upstream – which is the process of exploration and extracting the natural resource, control storage and entail refinement process. Midstream – consisting of distribution by pipelines and large quantity shipmentsRead MoreSwot Analysis : Oil And Gas Industry1213 Words   |  5 PagesIntroduction The Oil and Gas Industry is one of the oldest industries in the world. 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