Today on Nov. 19, 1895 | US Oil Slump, Industry Monopoly

No Recent Discovery of Oil

Philadelphia Record, November 19, 1895

There has been no recent discovery of promising oil-producing territory in the United States. Old territory is steadily decreasing in the rate of production. Our exports and home consumption are steadily diminishing the accumulated reserve of past years. The winter season is unfavorable for sinking new wells. Under such circumstances, there may result a still further advance in prices. The history of petroleum is a history of ups and downs. The control of the trade is in the hands of one of the most conscienceless and successful monopolies ever organized in any country. It will screw out of the consumer every penny that the traffic will bear.

About the author

I’m Ryan Hilton, a petroleum engineer with Chevron.

Originally published at https://ryanhiltonengineer.com on November 19, 2024.