ipl-logo

Edwin L Drake Oil Research Paper

1323 Words6 Pages

Oil has been drilled and refined for hundreds of years dating back to just a few hundred years After Death. One of the first dated examples of oil was 347 A.D where oil wells were dug a few hundred feet deep in China using bamboo as mining/drilling tools. Just after the year eighteen hundred the Ruffner brothers drilled oil to make brine in West Virginia. But the first major discovery or current day oil was drilled in eighteen forty eight on a peninsula in Asia, while America's first oil was drilled in eighteen fifty nine in the ground of Pennsylvania by Colonel Edwin Drake. Many different types of oil were used long ago (History of the Oil Industry). For example shale oil which seeped from various rock and minerals from under the ground had …show more content…

He eventually patented the name “Kerosene” and how it was to be made and used. The first Oil that was drilled and tapped at its origin in the entire world is known to be the first in America as well: discovered and drilled by Edwin L. Drake. Although other countries and people discovered and drilled for oil before Mr. Drake, his drill was the first to actually strike right upon an oil deposit, not just around or near one. Mr. Drake was involved in the first major oil company in the world: Pennsylvania Rock Oil Company of Connecticut eventually called The Seneca Oil Company. As most know John D. Rockefeller was also a major name in the oil industry. With the development of the modern railroad the oil industry soon skyrocketed with business and profit expanding outside of its origins of Pennsylvania, eventually to the whole nation of America. Along with the implementation of the railroad, pipelines were also a new invention for the industry. Standard Oil Company which was John D. Rockefellers company held a majority of the industry by eighteen …show more content…

It affects just about everything else. Whether people like it or not, oil runs the world. It powers just about everything imagine and is used for other products as well. Since it has such a vast variety of involved things it literally affects just about everyone in the world one way or another. this is why it is a very important subject justifying whether or not the united states should keep up its imports of foreign oil. There are two sides to this argument just like anything else, but there are quite a few more positives to stopping the imports and focus on drilling and refining oil right here in America. First it will supply more jobs for American citizens looking for opportunity and income. Second it would make the price per oil barrel lower in the United States because we would determine its price and wouldn't have to worry about making profit margins. Now just because there are many positives to keeping production in the nation doesn't mean there aren't any for imports/exports. Both help move money around the world in theory stabilizing the economy and generating profit for various countries. In fact some countries have to get all their oil imported sense they have no active deposit. Basically the United States needs to monitor and limit its imports while still maintaining flow through the

Show More
Related
266 Words | 2 Pages

This sparked the usage of steel for building and construction. John D. Rockefeller led in the oil industry. He was one of the co founders of the Standard Oil Company which had a great influence

Read More
1248 Words | 5 Pages

Rockefeller states that, “We must ever remember we are refining oil for the poor man and he must have it cheap and good” (Folsom, 2010, p. 83). In the market for oil, prices were not consistent, and Rockefeller was determined to remove any unnecessary aspects and use oil efficiently to mass produce and provide at the lowest cost. The work it took Rockefeller to offer the availability of oil allowed his market entrepreneurial persona to succeed within the process of creating a remarkable product that created the wealth of the oil

Read More
1108 Words | 5 Pages

The new pipeline technology opened the market for Texas natural gas, which helped the state's economy. The use of internal combustion engines made it easier and faster to travel using the Texas Railroad Commission, an agency originally created to regulate railroads and the authority to enforce laws concerning the petroleum industry, which changed social life because it made it easier and faster to travel. The Texas oil industry has had a huge impact on the state's history and continues to be a big part of Texas, the U.S. and the rest of the world now. The Texas oil industry began with Lyne T. Barret, who struck oil or petroleum, which is a fossil fuel that has decomposed into the ground and has been compressed and heated up for millions and millions of years. in Texas at Spindle Top Hill.

Read More
502 Words | 3 Pages

He created a clean ,refined oil that led to America’s industrialization. Next, he created pipelines which were used to transport oil. These pipelines were long enough to move oil over miles of land. Even today they are still used. Rockefeller industrialized the entire oil

Read More
580 Words | 3 Pages

In the 1870’s Rockefeller and his partners incorporated the Standard Oil Company and it was a huge success. Not too long after Standard Oil Company was successful they started buying out their competition. After the Standard Oil Company grew huge they started making favorable deals with the railroad to ship their oil to different places across the states. The Standard Oil Company with the purchases of pipeline and terminals, the reason for this was so they had transportation of their own. When the Standard Oil Company was open just a little less than a decade they nearly had a monopoly of the oil business in the United States.

Read More
938 Words | 4 Pages

Rockefeller, who created a monopoly over the American oil industry. Starting in 1859, with the discovery of oil in Pennsylvania, Rockefeller saw possibilities of a new oil industry rising in the United States. He created the Standard Oil Company in 1870, running an efficient company and controlling all aspects of the oil production. Rockefeller then started to eliminate all prospects of competition, creating a monopoly ten years after his company had been built. To achieve the amount of success that Rockefeller was able to attain, many have claimed that Rockefeller truly was a robber baron with his actions of deceit and illegal activity.

Read More
657 Words | 3 Pages

The Texas oil industry began by Lyne T. Barret who struck oil known as petroleum which is a fossil fuel, fossil fuels are things that have decomposed into the ground that have been compressed and heated up in the ground, and after millions of years, people dig it up with derricks which are towers that support oil drilling equipment and put it in a refinery where crude oil becomes pure and they use it for trains for the Texas railroad to travel faster and farther. In 1904, the Spindletop strike marked the start of the Texas oil industry. Patillo Higgins, a brick factory owner, believed there would be oil at Spinletop Hill. There was an engineer who believed in the Patillo idea and in 1901 Anthony F. Lucas drilled into the hill. In 1904, the

Read More
450 Words | 2 Pages

The development of the oil industry lead to oil being used in the automobile (steel) industry. Oil was also used for heating, it was quick and more efficient than the regular coal. Aside from Rockefeller, George Eastman was also another innovator because

Read More
741 Words | 3 Pages

January of 1901 Texas seemed boring for those Texans that were there at the time, But the 20th century was just getting started when one drop of the gooey, black substance that changed Texas in seconds, Oil is its name! January, 1901, on a little hill called Spindletop oil sprouted into a beautiful rose. It made many opportunities in Texas and the US. Oil was used for lots of things like Asphalt (for paving roads), gasoline to fuel cars, trucks,etc. Oil would now be the economic engine for Texas, oil would make a gigantic impact on Texas as a whole.

Read More
716 Words | 3 Pages

John Davison Rockefeller. He was the founder of the Standard Oil Company. And he also had become one of the world’s wealthiest men and also a major philanthropist. He had entered the oil business in 1863 by investing in a refinery in Cleveland, Ohio. He finally established Standard Oil in 1870, which controlled 90 percent of U.S. refineries and pipelines by 1870.

Read More
1371 Words | 6 Pages

John D. Rockefeller Sr: How did John D. Rockefeller impact the Industrial Revolution John Davison Rockefeller Sr. once stated “If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success” (John D. Rockefeller Quotes). John D. Rockefeller was the founder of Standard Oil in which then became one of the wealthiest men in the world. Rockefellers ongoing funding as a philanthropist and trust in oil is how the man's name still lives on to this day (The Rockefeller Archive Center). For thousands of years oil has been a main resource for human consumption, and remains the same.

Read More
486 Words | 2 Pages

Standard Oil gained a monopoly in the oil industry by buying out rival refineries and developing new companies for distributing and marketing its products around the world. In 1882, these companies were combined into the Standard Oil Trust, which controlled some 90 percent of the nation’s refineries and pipelines. In order to exploit economies of scale, Standard Oil did everything from building its own oil barrels to use scientists to figure out new uses for petroleum by-products. Rockefeller cut off his ties to Vanderbilt, as to his wealth and dignity did not match the price that he had once before agreed to. Vanderbilt saw this as a threat so he completely cut off his railroad supply, so that meant that his new-found

Read More
910 Words | 4 Pages

Next, John used monopolistic business deals, such as the Erie railroad deal (the Erie railroad was a major NE railroad system); which granted him a “75% discount on the railroad’s official shipping cost,” giving him the shipping advantage over the competition (Frazer). Rockefeller used this advantage to lower prices, forcing the competition to do the same, which slowly destroyed other companies. Furthermore, Rockefeller used his power to change the prices of oil to fit his income margin, thus dominating the industry further with his massive size. Rockefeller used his company's complete dominance of the oil market to represent when standard oil “grew to control around ninety percent of the refined oil in the United States” and gained massive price control over the market (Sabin). Flexibility like this forced others to lower their prices, which made Rockefeller the most profitable business.

Read More
802 Words | 4 Pages

To the company’s luck, when the demand for Kerosene and Gasoline greatly increased, so did John D. Rockefeller’s wealth. This was a period in which Rockefeller was considered America’s wealthiest man, along with one of the most influential figures in holding a 90% (at his most) control on all oil in the U.S. Due to its use for automobiles, railroads, and electricity in general, the people grew dependent on Standard Oil. Within revolutionizing the petroleum industry, Standard Oil was also considered one of the first great business trusts in the U.S.

Read More
677 Words | 3 Pages

The political involvement in why oil companies make so much money off oil. Studies have shown that the reason that oil supply is questioned because of the "political instability in some oil-producing nations is also contributing to uncertainly about the future supply"(Cohen). The oil supply we have will eventually run out if we do not learn how to use it more efficiently. Most people like the companies that sell this product will over the possibility of running low on oil to get the bottom dollar from the world.

Read More

More about Edwin L Drake Oil Research Paper

Related Topics

Open Document