September 14, 1871 – President Grant visits Pennsylvania Oil Region –
During a tour of northwestern Pennsylvania, President Ulysses S. Grant visited Titusville, Petroleum Center, and Oil City to learn more about the nation’s growing petroleum industry. Consumer demand for kerosene for lamps had led to drilling the first commercial U.S. oil well at Titusville in 1859. The 18th U.S. president would help improve Washington City’s streets, directing in 1876 that Pennsylvania Avenue be paved with Trinidad asphalt (Learn more in Asphalt Paves the Way).
September 14, 1929 – West Texas Well sets Record
A West Texas well struck oil at a depth of 1,070 feet and produced an astounding 204,672 barrels of oil a day — the nation’s most productive single well up until that time. The Yates 30-A initially produced 8,528 barrels of oil per hour, according to the Handbook of Texas Online. The Pecos County well was drilled just a few hundred yards from the 1926 discovery well of the giant Yates field, the Ira G. Yates 1-A.
First discovered in 1920, the Permian Basin’s massive size had been revealed in 1923 by the Santa Rita No. 1 well in Reagan County. The Yates 30-A well, operated by Transcontinental Oil and the Mid-Kansas Oil and Gas Company (then a subsidiary of Ohio Oil Company) and many that followed brought prosperity to Midland, Odessa, and new oil towns like Iraan (see Alley Oop’s Oil Roots).
Extending under the Pecos River, the Yates field produced its one-billionth barrel of oil in 1985. “The Yates field, among the largest ever found in the United States, has been in continuous production for 85 years and has been exploited by a list of oil companies, some of them no longer in existence,” noted the Houston Chronicle in 2011.
September 14, 1960 – OPEC founded in Baghdad
The Organization of the Petroleum Exporting Countries (OPEC) was created at the Baghdad Conference by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela (later joined by nine other countries). Headquartered in Geneva, Switzerland, before moving to Vienna, Austria, in 1965, OPEC’s objective is to “coordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.”
September 15, 1886 – Trenton Field brings Indiana Natural Gas Boom
When natural gas discoveries in Ohio excited speculation in Indiana, a group of investors established the Eaton Mining & Gas Company. They were rewarded when the company’s first well found natural gas. Unknown at the time, the 920-foot-deep well in east central Indiana had discovered the 5,120-square-mile Trenton gas field.
Spreading over 17 Indiana counties and into Ohio, the field became the largest in the world by the 1880s. Industrialist Andrew Carnegie proclaimed natural gas replaced 10,000 tons of coal a day for making steel as new pipelines attracted manufacturing industries — until production all but vanished by the early 1900s. Learn more in Indiana Natural Gas Boom.
September 16, 1908 – Carriage Maker incorporates General Motors
William Crapo “Billy” Durant, co-owner of the largest U.S. manufacturer of horse-drawn carriages, founded General Motors Holding Company in Flint, Michigan. His Durant-Dort Carriage Company had recently taken control of Buick Motor Company and would acquire Olds Motor Works of Detroit along with many others.
Within just two years, General Motors purchased dozens of auto manufacturing companies, including Cadillac and Oakland Motor Car (Pontiac). “Fortunately for the Ford Motor Company, William Durant was denied a ‘buy-out loan’ of $9.5 million by his bankers,” notes a GM historian.
Although Durant was ousted from GM for over-extending the company’s finances, he returned in 1918 after arranging a reverse merger with the Chevrolet Motor Car Company, which he had founded with Louis Chevrolet in 1911. With the addition of Chevrolet and later a truck manufacturing company (GMC), by 1955 General Motors became the first U.S. company to make more than $1 billion in a single year.
September 18, 1855 – First U.S. Oil Company reorganizes
In need of more capital, George Bissell and partner Jonathan Eveleth reorganized their Pennsylvania Rock Oil Company, the first oil company in the United States, to attract investors for drilling in search of oil to be refined into kerosene.
The businessmen re-incorporated the New York-based Pennsylvania Rock Oil Company (established in 1854 to explore oil seeps near Titusville) into a new petroleum exploration venture, the Seneca Oil Company of New Haven, Connecticut. Facing difficult economic times, capital markets of New York City had shown little interest in drilling for oil, seen as too speculative. The new company hired a former railroad conductor, Edwin Drake, who overcame financial and technical obstacles to complete the first American oil well in 1859.
September 18, 1948 – Oil discovered in Utah
J.L. “Mike” Dougan, president of the Equity Oil Company, completed the state’s first significant oil well in the Uinta Basin. Dougan’s small company beat out larger and better financed competitors, including Standard Oil of California, Pure Oil, Continental, and Union Oil Company. His oil discovery launched a deep-drilling boom in Utah.
Unlike the earlier attempts, Dougan drilled beyond the typical depth of 1,000 feet to 2,000 feet. His Ashley Valley No. 1 well, 10 miles southeast of Vernal, produced 300 barrels of oil a day from about 4,000 feet. Production would soon average almost one million barrels a year from 30 wells. Following Dougan’s success, exploration companies began drilling up to 8,000 feet and even deeper into the Uinta Basin.
In recent years, thanks to horizontal drilling and other technologies, the basin is estimated to hold up to 10 trillion cubic feet of natural gas reserves in a region covering 15,000 square miles. Learn more in First Utah Oil Well.
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