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Gulf Oil was a major global oil company in operation from 1901 to 1985. [1] ... Gulf Oil's Port Arthur, Texas, refinery, ... to settle with the government antitrust ...
Standard Oil initially chose not to become directly involved in oil production in Texas, and instead formed Security Oil Company as a refining operation utilizing Guffey-Gulf and Texas Company as suppliers. [47] Following state lawsuits related to anti-trust statutes, Security Oil was reorganized into Magnolia Petroleum Company in 1911. [47]
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.
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 ...
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 ...
The Achnacarry Agreement or "As-Is Agreement" was an early attempt to restrict petroleum production, signed in Scotland on 17 September 1928. [1] The discovery of the East Texas Oil Field in the 1930s led to a boom in production that caused prices to fall, leading the Railroad Commission of Texas to control production.
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 ).