The Texaco Oil Crisis

In 1920s and 1930s, oil became a big boom in Texas. Roustabouts came from all over Texas. Oil could be made out of gasoline, natural gas and kerosene. Let’s talk about Texas Oil and social change in Texas. I’ve chosen to talk about minotersin west Texas, coogle in parts of Texas, and the divorce rates.

In terms of oil dependence, most of the general public believes that the world has enough oil to support us for the next hundred years; in truth we are rapidly depleting our petroleum sources due to the increasing population and demand. In fact, as was initially theorized by the Hubbert Peak Theory in 1950, Earth peaked in oil supplies in 1973 and the largest oil resources that have been discovered since then have been in Venezuela and Saudi Arabia. Here it must be

In Texas, there is an economic powerhouse that not only runs deep beneath fields of cotton, but also reaches miles beyond the green pastures of cattle. Its multitude of uses in daily life also far outweighs the benefits of technology. This resource, greater than any other in Texas, is oil. In 1866 the first commercial oil well was dug near Nacogdoches, Texas but unfortunately the well came up dry. Thirty years later in 1894 oil was discovered in Corsicana, Texas by accident while a water well was being dug. This was the first economically significant discovery of oil in Texas. On January 10, 1901, Texas was catapulted into the era of oil and gas with the discovery at Spindletop. The Spindletop well, located south of Beaumont produced roughly

Many do not realize the impact of discovery in Texas oil has led to. It has led to new ways of thinking and creative inventions. Without the oil that was discovered in Texas, we would not be able to do many things we are able to do today. Through the research I have done, I have found many important events that were impacted by oil and I have composed a layout for you of the radio broadcast about Texas and its oil.

The reason of the fall in oil prices are the constant change of demand. The need for the oil is actually stagnant. Crude oil is becoming a product of the past. Today, you can harvest energy from solar, wind, water, heat, and waves. According to The Economist, “The use of fossil fuels in the rich world is mostly falling. Emerging economies are not currently taking up the slack”.

Oil has made many dreams come true. Oil was the best thing that had ever happened to some people and the opposite for others. Oil has not only brought income to people but it has brought new schools and educations, New jobs for people who need them, but sadly has also caused divorce.

How did the national demand for oil affect the local businesses in Texas, and how did Texas oil discoveries affect the national oil market?

Divorce rates spiked when the oil boom arrived in Texas. The oil boom is one of the biggest social changes in America. A social change is an alteration in the social order of a society. Three of the important social changes in Texas in the 1900’s are better university education, minorities in West Texas rising up the social chain, high school football, and a sharp rise in the divorce rates.

v. One of the reasons for astounding growth of Houston – federal investment. More willing to go to federal government or state government.

Would you really want to be responsible for destroying the animals home and the environment? The United States has a huge debate whether or not We should drill for oil in Alaska’s wilderness. But the answer seems pretty clear to me because it is not essential for our economy ,it is not valuable for the environment, and it is causing a social disruption. In the background essay, it says that many colonies We're not concerned about protecting our natural resources because they thought they had enough natural resources to last forever; But We don't, We are limited and some day in the not too distant future we may run out of natural resources so we have to circumspect and start protecting it by using other materials such

Most people probably do not think about how much of their lives depend on oil. This profitable commodity is constantly being used around the world, twenty four hours a day and seven days a week. From the scented creams people use on their bodies, to the airline jets soaring above, oils are being used. Oil is one of three major forms of fossil fuels, coal and natural gas being the rest. Fossil fuels began forming millions of years ago in the Carboniferous Period when trees, plants, and small organisms died (DOE, 2015). Eventually the fossils sank to the bottom of many swamps and oceans forming layers of peat (a brown, soil-like, and spongy material). Over thousands of years, peat was covered by clay, sand, and other minerals which turned into a type of rock called sedimentary. Over thousands of years rocks piled on top of the peat creating more pressure. Eventually the pressure managed to squeeze water out of the peat and over millions of years, this mineral rich water turned into the three major fossil fuels that people know and use today (DOE, 2015). Regardless of its proficiency and success, the oil industry has become one of the most unethical businesses in the world. Their blatant disregard for the environment and its inhabitants have continuously put them in the crosshairs of many conservatives and concerned citizens. This paper primarily focuses on the ethical dilemmas that surround the oil industry.

Oil production is crucial for humans. Overall, 33 out of 48 countries have now hit a peak in oil production, resulting that oil is going to hit a decline in production. This peak is in countries such as Mexico and Russia, potentially signifying the end of the Industrial revolution. However, oil itself is not running out, just the rich, thick oils, that are high quality. In the near future, the only oil that Earth will have will be thin, and not good enough to use in motor vehicles or for electricity. Additionally, cheap and easy to extract oil will be at a decline, and also oil will be in unaccessible places, or within dangerous areas. Oil production needs to stay at pace with the human demand.

Exxon and Chevron are no doubt some of the leading incorporated oil companies on the globe. Exxon Corp. is the second largest oil firm after Royal Dutch Shell, it is respected for getting the biggest revenue return in 2008 which no company in the U.S. have ever reported before. According to Wilson (2009) Chevron has managed to show a lot of profitability in the market despite the decease in its oil production. It graded as one of firms which made a billion dollars profit within a week in the period of July to September 2008. Regardless of profitability trends set by the two oil firms in the U.S. market, they have been facing financial decline like the rest of the companies in other industries. The two firms are like two sailing ships which are taking longer time to sink. In the last few years, the production capacity of Chevron and Exxon has decreased and their listings on the stock market have become weak. The continuation of construction and drilling which requires billions of dollars in expense of oil production might make them experience a bigger financial crisis (Wilson, 2009).

World oil demand is increasing as emerging economies need more energy to increase their living standards. Estimates, shown below, are that by 2030, China and India as emerging markets will import over 70% to 90% of their fossil fuel needs (1) . Coupled to a continued high and growing demand for oil, makes this a robust market for the next 30 years.

Because private companies and nations have over-estimated oil reserves it is difficult to be exact but these estimates of world oil reserves are close and further research will reflect this. Also, rapid exploitation may have damaged many reserves' wells and will limit production. It may be that we (the world) have much less than is believed! The United States past its "peak oil" point back in the early 1970's ( for further research refer to Peak Oil Crisis Books) and now imports about two-thirds (2/3) of its oil. The U.S. economy and the current American way of life is supported by energy from other nations. Those nations that have not already past peak oil (maximum production) are very near it. In the future, production will decrease while at the same time demand increases. The spread between supply and demand will cause higher prices (for all products),