The 19th century was a period of great change and rapid industrialization. The iron and steel industry spawned new construction materials, the railroads connected the country and the discovery of oil provided a new source of fuel. The discovery of the Spindle top geyser in 1901 drove huge growth in the oil industry. Within a year, more than 1,500 oil companies had been chartered, and oil became the dominant fuel of the 20th century and an integral part of the American economy.
While the United States was blessed with plentiful supplies of oil its growth to the rank of a great power accelerated. In today’s world as an oil-dependent power it must find alternate sources of energy or accommodate drastic changes in its way of life and position in the world.
Oil and Gas Industry 4.0
The oil and gas industry has experienced turbulent times in the last two years, and companies in the sector have made massive efforts to curb costs and scale back on new project development.