The History of the Standard Oil CompanyTarbell, Ida M. (Ida Minerva)
History
The History of the Standard Oil Company
Tarbell, Ida M. (Ida Minerva)
Petroleum industry and trade -- United States -- History; Standard Oil Company -- History
The task before Drake was no light one. The spot to which he had been
sent was Titusville, a lumberman’s hamlet on Oil Creek, fourteen miles
from where that stream joins the Allegheny River. Its chief connection
with the outside world was by a stage to Erie, forty miles away. This
remoteness from civilisation and Drake’s own ignorance of artesian
wells, added to the general scepticism of the community concerning the
enterprise, caused great difficulty and long delays. It was months
before Drake succeeded in getting together the tools, engine and rigging
necessary to bore his well, and before he could get a driller who knew
how to manipulate them, winter had come, and he had to suspend
operations. People called him crazy for sticking to the enterprise, but
that had no effect on him. As soon as spring opened he borrowed a horse
and wagon and drove over a hundred miles to Tarentum, where Mr. Kier was
still pumping his salt wells, and was either bottling or refining the
oil which came up with the brine. Here Drake hoped to find a driller. He
brought back a man, and after a few months more of experiments and
accidents the drill was started. One day late in August, 1859,
Titusville was electrified by the news that Drake’s Folly, as many of
the onlookers had come to consider it, had justified itself. The well
was full of oil. The next day a pump was started, and twenty-five
barrels of oil were gathered.
There was no doubt of the meaning of the Drake well in the minds of the
people of the vicinity. They had long ago accepted all Professor
Silliman had said of the possibilities of petroleum, and now that they
knew how it could be obtained in quantity, the whole countryside rushed
out to obtain leases. The second well in the immediate region was
drilled by a Titusville tanner, William Barnsdall—an Englishman who at
his majority had come to America to make his fortune. He had fought his
way westward, watching always for his chance. The day the Drake well was
struck he knew it had come. Quickly forming a company he began to drill
a well. He did not wait for an engine, but worked his drill through the
rock by a spring pole.[2] It took three months, and cost $3,000 to do
it, but he had his reward. On February 1, 1860, he struck
oil—twenty-five barrels a day—and oil was selling at eighteen dollars a
barrel. In five months the English tanner had sold over $16,000 worth of
oil.
[Illustration:
THE DRAKE WELL IN 1859. THE FIRST OIL WELL.
]
Public-domain text, read in full here on John Shaqi.
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