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Crude Oil Price History Analysis
Crude oil prices history ranged between $2.50 and $3.00 from 1948 through the end of the 1960s. The price oil rose from $2.50 in 1948 to about $3.00 in 1957. When viewed in 2008 dollars an entirely different story emerges with crude oil prices fluctuating between $17 and $19 during most of the period. The [...]
Saturday, October 2nd, 2010Gulf Mexico Oil disaster prompts insurance overhaul
BP’S rig explosion that caused the worst oil spill in US history is set to curtail insurance coverage for offshore drilling, forcing companies to self-insure or exit deep-water fields. BP’s leak in the Gulf of Mexico is ”a market-changing event”, said Dieter Berg, senior executive manager (marine) at Munich Re, the world’s biggest reinsurer and [...]
Friday, June 25th, 2010Crude Oil Drilling History
Oil was known in the ancient world and had several uses. Usually found bubbling up to Earth’s surface at what are called oil seeps, oil was used primarily for lighting, as a lubricant, for caulking ships (making them watertight), and for jointing masonry (for building). The Chinese knew and used oil as far back as [...]
Thursday, February 18th, 2010