Search results
Results From The WOW.Com Content Network
The United States is divided into five Petroleum Administration for Defense Districts, or PADDs.These were created during World War II under the Petroleum Administration for War to help organize the allocation of fuels derived from petroleum products, including gasoline and diesel (or "distillate") fuel.
The oil and gas company offering the highest up-front payment to the government (called a bonus) wins the lease. The government also receives a fixed annual rental based on the area for non-producing leases, and a percentage of the market value of any oil or gas produced and sold ( royalty ).
The Deepwater Horizon oil spill began on April 20, 2010 when an explosion struck the rig, it occurred in the Gulf of Mexico on the BP-operated Macondo Prospect.Killing eleven people, it is considered the largest marine oil spill in the history of the petroleum industry and sources estimated that between 134–206 million barrels of oil was released into the gulf.
While shale oil output from the Permian basin in Texas and New Mexico, the largest U.S. oilfield, has surged 3.6% to average 6.1 million barrels per day (bpd) so far this year, much of that oil is ...
HOUSTON - U.S. oil producer Chevron used the term "Gulf of America" instead of Gulf of Mexico in its fourth-quarter press release on Friday, a sign of corporate America beginning to implement U.S ...
Oil and gas rights in the offshore US are divided between the state and federal governments (see Offshore oil and gas in the United States). Rights to explore on US federal offshore areas are obtained through competitive sealed bids. Individual tracts are generally 9 square miles (23 km 2). Current leases being offered in the Gulf of Mexico ...
Gulf Oil–sponsored Porsche 917 LH raced by Derek Bell & Jo Siffert at the 1971 24 Hours of Le Mans, parked outside the Hotel de France. In 1937, Gulf Oil became involved in racing when they purchased the racing car project of Ira Vail and Harry Miller and brought the project into the Gulf Research and Development Company. [35]
Prior to Spindletop, oil was primarily used for lighting and as a lubricant. Because of the quantity of oil discovered, burning petroleum as a fuel for mass consumption suddenly became economically feasible. The frenzy of oil exploration and the economic development it generated in the state became known as the Texas oil boom. The United States ...