The rise of oil’s big three, part 1: The transition to oil
In this first part of the first chapter of our 90th anniversary special on the history of oil, we look at oil’s humble beginnings and the start of its rise to prominence
Oil was once considered a major irritation. During the latter half of the 18th century, the commercial production of salt meant drilling for salt water and encountering the challenge of petroleum and gas. Salt is impermeable and does not dissolve in oil, so it often sets the boundaries of the oil deposits in the ground. It was those salt drillers that helped extract oil from the first commercial oil well. And the importance of the resource gained traction with new products and especially with the discovery of kerosene, a clear liquid produced originally by distilling coal (‘coal-oil’) by Abraham Gesner in 1846. Kerosene would become popular as a cheap, clean fuel for lighting homes when kero
Also in this section
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift