Working Capital Analysis of Indian Refinery Industry

Oil has been used for lighting purposes for many thousands of years. In areas where oil is found in shallow reservoirs, seeps of crude oil or gas may naturally develop, and some oil could simply be collected from seepage or tar. ponds. Historically we know the tales of eternal firs where oil and gas seeps ignited and burned. For e.g. famous oracle of Delphi was built around 1,000 B.C. written sources from 500 B.C. describe how Chinese used natural gas to boil water. It was not until 1859 that ¿Colonel¿ Edwin Drake drilled the first successful oil well, with the sole purpose of finding oil. The Drake well was located in the middle of quiet farm country in northwestern Pennsylvania, and sparked the international search for an industrial use for petroleum. Electricity did not emerge as an illuminant till the Edison Electric Light Company was founded in 1878. Well into the 20th century, kerosene, gas and electricity continued to compete as illuminants. Whilst the use of gas as an illuminant has virtually disappeared, a large population, especially in India, continues to use kerosene as illuminant.