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Commodities Briefing - Categorized | Oil, Trends more

The future of oil: Yesterday’s fuel

Posted on 02 August 2013

The dawn of the oil age was fairly recent. Although the stuff was used to waterproof boats in the Middle East 6,000 years ago, extracting it in earnest began only in 1859 after an oil strike in Pennsylvania. The first barrels of crude fetched $18 (around $450 at today’s prices). It was used to make kerosene, the main fuel for artificial lighting after overfishing led to a shortage of whale blubber.
Other liquids produced in the refining process, too unstable or smoky for lamplight, were burned or dumped. But the unwanted petrol and diesel did not go to waste for long, thanks to the development of the internal-combustion engine a few years later…………………………………..Full Article: Source


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VRS - who has written 37629 posts on Opalesque Commodities Briefing.


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