Type: Economics
Pages: 2 | Words: 589
Reading Time: 3 Minutes

The current level of the economic development requires more and more oil to support the automobile industry, ensure people being able to use planes, trains, and other kinds of transport. Another significant part of our life, which is connected to maintaining heating and cooling systems, also depends on this invaluable source of energy. Despite the main application of petroleum being as a fuel and for producing electricity, almost every other sphere is directly or indirectly dependent on oil. It is hard to believe that almost every manufacturing relies on using oil. The list includes manufacturing plastic that supplies computers, cars, clothes, houses, and toys, producing asphalt for roads, everyday goods, cosmetics, supporting agriculture, etc. Even music or film industry would not work without petroleum. Every product requires oil for the manufacturing process and transportation to the consumers.

The process of locating oil is conducted by geologists by using various traditional methods such as finding appropriate conditions for an oil trap by interpreting features of the surface, soil types, rocks, and analyzing the samples gained by shallow drilling. Moreover, geologists use modern methods like satellite images, meters and magnetometer for detecting sensitivegravity,changes in the gravitational and magnetic fields of our planet that indicate flowing oils. However, one of the most commonly used ways is analyzing seismology by creating and interpreting shock waves through rock layers.

People have been using oil for a long time now and it is impossible to imagine our lives without it. Thus, locating new sources and supplying oil is crucial for the whole world these days.

Statement 1: Increasing Consumption of Oil

Support 1. The consumption of oil has dramatically increased over the last half a century due to the technical revolution. These days, all countries use large amounts of oil. For instance, the United States was producing about five million barrels of crude oil a day in 2008. However, it still was not enough considering the level of oil consumption in the country. Thus, the import rate was about twice as much equaling approximately ten barrels per day.

Support 2. The variety of ways to apply oil rose. Nowadays, oil is refined and used as gasoline, heating oil, kerosene, and many more products. High demand is the main reason for stimulating oil companies to constantly search for more sources of oil and improve the efficiency of already explored wells.

Statement 2: Development of The Oil Locating Process

Support 1. The need for oil led to the development of the process of locating and drilling oil. It enables finding and extracting more oil for people’s consumption.

Support 2. Oil being one of the most expensive commodities also supports the fact that it is crucial to all the spheres of economy. Moreover, international oil market is one of the most financially developed economic sectors. Thus, high prices for oil and their constant increase attract large transnational companies like ExxonMobil and Chevron in the process of exploring new techniques for drilling oil that develops the industry as a whole. Even though the process itself is very expensive, drilling keeps intensifying due to the significance and this valuable natural resource.


Thus, oil is a crucial part of the economy since the existence of all the goods would be impossible without it. The world has become completely dependent on oil with millions of people being involved in searching for and producing petroleum. Therefore, I believe that the process of searching for new sources of oil would continue and intensify over time since the level of oil consumption is sure to rise in future with the increase of total automation.

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