In 1878 Thomas Edison invented the first electric light bulb. This single invention proved to be so popular that it caused a major recession in the oil industry. Since 1856 kerosene lamps were used in homes and
|street lamps. Historians state that the introduction of kerosene initiated the oil industry. Sales and production of kerosene trickled to a standstill as electricity and the electric light bulbs caught on quickly.
In 1908 Henry Fordís mass produced automobile started a demand for gasoline and initiated an oil boom. Oil Pipelines were built from oilfields in Texas to refineries in the eastern US. With the introduction and public acceptance of mass-produced automobiles the Modern Era of Petroleum began. ©
Nowdays oil is being consumpted at the level of 82,234,918 bbl/day, while production level is 80,247,128 bbl/day. Estimated reserves - 1,349,417,153,000 barrels