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9 USD was paid by the Bulova Watch Company for the world's first ever TV ad. in 1941.
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oil history
Some historians believe Hitler lost the war because he didn’t have enough of it. Undoubtedly it contributed to a swifter end to the Second World War.
There is a sense of community on a rig. Everyone is your neighbour and most people try to get on well with each other. There is the usual friendly banter you always get when a bunch of men are together away from home.
Rigs generate their own electricity and water arrives in two forms by boat. You have drinking water and you have “Pot” water, which is used for flushing toilets to washing down decks and windows.
The North Sea:
North Sea Oil was first discovered in Norwegian waters in 1966. Shortly after that the first Scottish fields were discovered. In 1970 the Forties field was discovered and five years later the first oil came ashore. Scotland now produces more oil than Kuwait.
In the mid seventies the UK was in dire financial trouble and it was oil that saved England, Wales, Northern Ireland and Scotland from bankruptcy.
Having our own oil meant we were not dependant on OPEC who were forcing up the cost at the pumps and we could pay for the massive numbers unemployed across the UK at the time. Other problems such as the miners’ strikes caused financial pressure for the country that would have been far worse if not for the oil.
North Sea Tigers are any person that works in the North Sea UK sector.
They said the North Sea would be dry by 1995. In 2008 it was estimated that there was over 30 Billion barrels left, which is more than we have taken out already. We have not yet looked at every part of our waters. New technology is allowing us to drill in deeper and deeper water and in the wild Atlantic waters off the west coast of Scotland.
In 2008 Shell brought 4 new fields online and invested over 100 Million pounds into their North Sea operation. They do not throw their money into something that will not give them a return.
Oil was initially transported in barrels and that reference of measurement has stuck. So what is a barrel? A Barrel of oil is 42 USA gallons or about 159 litres. This amount of crude oil yields nearly 5 litres of LPG, enough jet fuel for a passenger plane to travel a mile or 1 tank of petrol (gasoline) for an average sized car.
Why does the price of oil fluctuate?
Supply and demand: The more the world uses, the more demand there is and the more it costs. Then as suppliers catch up with demand, the price may go down a bit.
More Expensive Extraction: In many parts of the world including the North Sea, the Oil companies have naturally sourced the easiest fields first. New offshore fields may be in deeper water or deeper below the sea bed or both. They could be in rougher waters or be a long way from land. All these factors and more increase the cost of obtaining the oil.
Speculators Game: By far and away the main reason the oil price rises is because of market speculation. Just as in the money markets or stocks and shares, traders can greatly affect prices of the commodity being sold.
Many people in the UK if asked would probably imagine that oil prices are rising in the UK because our own supplies are running out. However, even if they were, this would not cause prices to go up compared to the three points above.
In the last 10 years, 1% per annum increase in demand for oil. However, the increase in supply has been 2 ˝ %. This means that at current demand, we have enough reserves of oil to last 44 years.
There will still be exploration rigs in Scottish waters in 40 years time.
In 2004 a Semi Submersible was charging USA dollars 50,000 . 4 years later the price has gone up massively to 350,000. That is a 7 fold increase.
Oil companies are still making 10 – 15% profit in their investments which compares favourably with other industries.
See wikipedia.org for Economy of Scotland / North Sea Oil
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