Oil is one of the significant sources of energy and the economic natural resources in the current world, structurally; oil consists of a hydrocarbon substance which is (carbon and hydrogen) and mixed oxygen, nitrogen, sulfur asphalt and different types of metal. The term petroleum is a Latin word and has been using since (1526).
For the first time, a Canadian biologic expert (Abraham P. Gesner) found oil (kerosene) from coal in Pennsylvania State and it used for the lamp at that time that was the first time oil was consumed as energy. In 1859 colonel Drake could dig the first oil well at a depth of 20 meters in Pennsylvania, which was the starting point of the oil industry.
According to a New York Times report in 1864 when for the first time oil well has found in Pennsylvania, the area of Pithole town at that state was 10 kilometer square and its population was 50 individuals. However, after one year the town suddenly grew to 10 thousand, 50 hotels have been built for the oil workers, its post office became a crowded post city across the world, furthermore, two telegraph station have been created, such a rapid change had reached.
Tens of people to a huge fortune, on the other hand, in a short time Pithole faced a sudden decline due to it lose its oil capability. In the middle of the 20th century, oil turned out to be the source of development, industrial evolvement and controlled the economy of the world. The oil production went up dramatically from one thousand barrels per day in 1859 to 3 million barrels in 1926. Today, the oil production is 87 million barrels daily.
In 1950 the oil ratio was (37%) throughout the world consuming world energy, but the percentage raised to (65.4%), on the other hand, coal consumption was (61%) in 1950, conversely, it dropped to (24.5%) in 2000. In 1973 some Arabic countries have suspended to sell of oil to western countries, during six months the oil price reached 12 dollars, for that reason the economists say wherever oil has been, the economy is there. Oil is the factor of building the relationship between power and people because it produces in a small field and gains a high price.
Because of the agreement among the oil producer countries to decline such as OPEC plus members and accepting 1.9 trillion packages of aid via Joe Biden, the technical analysts of the financial markets anticipate the value of one barrel of oil closes to 70 dollars. If the package confirms the economy of America will vitalize, this package doesn’t impact on the price of oil only, it influences on the value of gold additionally.
To conclude, the oil experts and geology professionals believe one day comes oil will terminate on the earth because of the classical technique of oil production, so the specialists say it is better to find a new method for yielding oil in order to lengthen the age of oil on this planet, there is no doubt, the unscientific process of separating the oil ingredients causes to ruin some cities pollute the environment, for sure in the previous century Kurds were the first victim of the giant country’s oil and gas, but at present there are some they hope oil and gas will become a magnificent dynamo for them to reach their dreams which is independent, similarly, for a better life to the Kurdistan population, if Kurdistan Regional Government follows wise policy of oil and gas sectors scientifically and illustrating its income transparently, oil and gas become the dynamo of reviving Kurdistan Region, if doesn’t review the contracts of the oil companies, as a result, it pays the price in the upcoming years, the economy of Kurdistan will grow if the government concentrates on the agriculture, industry and tourism.
Wherever Oil has been, Economy is there
