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Willisms

« Grading AARP's Nine Plans For Solvency. | WILLisms.com | Bubbles, Booms, and Stagflation. »

Trivia Tidbit Of The Day: Part 25 -- American Oil Industry History.

THE HISTORY OF AMERICAN OIL-

In 1859, the year Edwin Drake drilled the first well, American production amounted to only 2,000 barrels. Ten years later it was 4.25 million and by 1900, American production would be nearly 60 million barrels. But while production rose steadily, the price of oil was chaotic, sinking as low as 10 cents a barrel-- far below the cost of the barrel itself-- and soaring as high as $13.75 during the 1860s.

Source:

-From pages 254-255 of An Empire of Wealth: The Epic History of American Economic Power, by John Steele Gordon.


Today, for reference, at least according to CIA estimates (known to be wrong from time to time), only Saudi Arabia produces more oil than the U.S.

America produces roughly 10% of the world's oil.

In terms of natural gas, the U.S. ranks second, after Russia. America accounts for a little over a fifth of the world's natural gas production (again, according to CIA figures).


Previous trivia tidbits:

Part 1; Part 2; Part 3; Part 4; Part 5; Part 6; Part 7; Part 8; Part 9; Part 10; Part 11; Part 12; Part 13; Part 14; Part 15; Part 16; Part 17; Part 18; Part 19; Part 20; Part 21, Part 22; Part 23, Part 24.

Daily Trivia Tidbits cover a wide range of topics; you never know what you might find. Stay tuned to WILLisms.com for more.

Posted by Will Franklin · 23 April 2005 10:01 AM

Comments

Great Tidbit!...There are some really cool stories that my Grandfather told me about the old days in the oil business!...Seminole Oklahoma is a very interesting old oil field he use to talk about! Oklahoma City was another...In the old days the oil went everywhere and he and my Uncle Fred had to wash everyones cars in Oklahoma city for quite awhile free!

Posted by: Zsa Zsa at April 24, 2005 10:11 AM