Petroleum engineering defaults about excessive productions of crude oil especially OPEC countries and its implications about lack of national financial sustainability

Abstract

Historically speaking, crude oil was first discovered in Beaumont, Texas in the early 20th century by a farmer who was tilling his land only to see black nasty and dirty oily substance floating from his farm. He called on the public health and environmental engineering officials to take some samples of the oil for further examination. Thereafter, the milestone of oil as one of the most valuable items worldwide was born. Precisely speaking, that is why majority of the rich and possibly competitive millionaires in the USA were from the state of Texas. The millionaires’ monies were so massive that it developed a saying that “When it is big, it is only big enough for Texas; and not necessarily due to the size of the state of Texas.” Yes indeed, it was big enough for Texas. And, this was how oil was first discovered in the state of Texas and the rest of the world were forced to play the roles of runners’ ups trying to catch with this historic race.