Comparative Assessment Of The Socio-economic Effect Of Crude Oil Exploitation

CHAPTER ONE BACKGROUND OF THE STUDY 1.1     Introduction Petroleum is among the various resources produced by nature. They are used by human to satisfy their needs such as transportation, cooking, electricity power supply and others (Mike, 2012). The exploitation of natural resources such as crude oil is the use of natural resources for economic growth, of sometimes with a negative connotation of accompanying environmental degradation (Cronin, 2009). It started to emerge on an industrial scale in the 19th century as the extraction and processing of raw materials (such as in mining, steam po…