Spinnerette: 01.08.24
2 companies with MTCH-UP +5.13 CHG
GLOB + UI
OIL BUG ~ BIG LOU
For me, the Oil Bug became a representation of man’s perilous need for oil; whereas, Big Lou depicted the Big Business of the Oil Industry also known as the Petroleum Industry. The Oil Industry has become the most important source of energy since the 1950’s and is listed as the 8th largest industry in the world with a market value of approx. 4.6 TRILLION dollars.
Today’s spinnerette has given me the opportunity to write about OIL another environmental issue challenging our sustainability. How much oil is left on Earth? According to experts in this area of study, we will deplete Earth’s oil in an astonishingly 47 years at the current consumption level. Of course, as written about in my previous Blog - Spinnerette: 01.04.24, Electric Vehicles would help to support conserving some oil consumption. But the truth of the matter is that we are absolutely depleting oil from Earth and most climate scientist have summarized that the depletion of oil will indubitably warm our land and oceans.
Interestingly while researching oil, I learned that one Barrel of oil is = to 42 gallons and that translates to 19-20 gallons used by Petroleum Refineries to produce motor gasoline and the other 11-12 gallons are used as diesel fuel and heating oil for some states. Also, there is a financial element to the oil issue. The current Red Sea turmoil delaying transport and the freezing northern temperatures in the United States this winter has inevitably added to further demand for oil. Woefully, for many Americans this means an increase to our pocketbooks.
Oil Industry Trivia:
During the 1880’s Rockefeller’s Standard Oil company controlled 90% of the United States oil refining business and became the first great industrial monopoly in the world.
Today, the top big oil companies are ExxonMobil (XOM), Chevron (CVX), Shell (SHEL), BP (BP), Eni (E), and TotalEnergies (TTE). All six trade on the NYSE.
The Organization of the Petroleum Exporting Countries (OPEC) was formed in 1960 and holds 80% of proven oil reserves and has 13 current member states.
The United States is reported to have the largest “untapped” oil reserves in the world.
Keep in mind: climate experts predict that when oil and gas are completely removed from Earth, the void will be filled with water which is a less effective insulator. More heat from Earth’s interior can be conducted to the surface causing our land and ocean to warm-up. Regrettably, we are causing yet another dangerous Global Footprint for the future to curtail.
Further thoughts on today’s spinnerette is that the two companies that made up the anagram analogy, coincidently, are technology based businesses that were founded the same year.
GLOB is Globant an Information Technology and Software Development Company founded by Martin Migoya, Guibert Englebienne, Martin Umaran and Nestor Nocetti in Buenos Aires in 2003. Globant is headquartered in Luxembourg City, Luxembourg and trades on the NYSE. The company has garnered a worldwide lengthy list of acquisitions.
Revenue is approx. US$1.8 BILLION and they employ over 27,000.
Traded Today @ $226.44
UI is Ubiquiti Inc. formerly known as Ubiquiti Networks, Inc. is an American computer networking company that specializes in wireless equipment headquartered in New York City, NY. Ubiquiti went public in 2011 and trades on the NYSE. The company was founded by Robert Pera (a former Apple Associate) in San Jose, CA in 2003. Notably, Forbes listed Robert Pera as one of the 10 youngest BILLIONAIRES in the world.
A DADDY LONGLEGS: In 2012, the founder of Ubiquiti, Robert Pera purchased the Memphis Grizzlies Basketball Team.
Revenue is listed close to US$2 BILLION and they employ approx. 1,400.
Traded Today @ $133.93
Company/corporation information from Google wikipedia