Oil Industry

Russell Ormsbee’s Oil Adventure

March 3, 2022 by Guest Contributor 3 Comments

The Drake oil well drilled in Venango County, Pennsylvania in 1859 is widely known as the first oil well in America, however, many wells before the Drake well were producing petroleum oil.

Well drilling was common with many recent improvements by the time the Drake well was sunk, although most were drilled for salt brine (a source of salt). Oil was sometimes found in these wells and pumped as an unwanted by-product, but by the late 1800s, several changes made oil more valuable.

Whaling had been the primary source for illuminating oil (lamp oil), but whales had been over-hunted and were becoming scarce, and the cost of harvesting them was increasing. Also, by the 1850s, scientist had discovered the potential for manufacturing kerosene from crude oil which was found to be an ideal replacement. [Read more…] about Russell Ormsbee’s Oil Adventure

Wall Street History: Individual Investors & The Crash of 1929

February 28, 2022 by James S. Kaplan Leave a Comment

The break-up of Standard Oil and other monopolies during the Trust-busting Era, created somewhat greater competition, but did not significantly impact Wall Street, or its major players. For example, after the success of the Justice Department in the 1911 Supreme Court Case United States v. Standard Oil (in which the Court ruled that Standard Oil of New Jersey violated the Sherman Antitrust Act), the company was ordered broken into 34 ostensibly independent companies. *

The stock in each of these companies was distributed to Standard Oil Company shareholders (principally the Rockefeller family) and each company had separate boards of directors and separate management, but by and large they continued to operate on separate floors of the same building — 26 Broadway in Manhattan. [Read more…] about Wall Street History: Individual Investors & The Crash of 1929

New Methane Emissions Rules for NYS’s Oil, Natural Gas Infrastructure

February 19, 2022 by Editorial Staff Leave a Comment

The NYS Department of Environmental Conservation (DEC) has finalized regulations that the Department expects will require significant reductions in methane and other harmful emissions from any oil and natural gas infrastructure in the State. The new rules will be effective March 3, 2022

The regulations are part of the State’s clean energy and climate agenda and are expected to reduce methane emissions by more than 14,000 metric tons per year and volatile organic compound emissions by over 2,000 tons per year by regulating and controlling methane leakage and venting. Methane is second to carbon dioxide in its contribution to climate change because of its high volume in the atmosphere and strong radiative effects. [Read more…] about New Methane Emissions Rules for NYS’s Oil, Natural Gas Infrastructure

Trust Busting: William Jennings Bryan & Theodore Roosevelt

February 10, 2022 by James S. Kaplan 2 Comments

As control of the American economy became increasingly centralized in trusts located on Wall Street after the Civil War, and the wealth of men like J.P. Morgan and John D. Rockefeller grew exponentially, there developed an increasing backlash against such concentrations of wealth. In the 1880s, through an investigation by a committee of the New York State Legislature, Americans became aware that Standard Oil secretly controlled a number of supposedly competing oil companies. By 1910 almost 90% of the world’s oil supply was controlled from the company’s headquarters at 26 Broadway in Manhattan. [Read more…] about Trust Busting: William Jennings Bryan & Theodore Roosevelt

Wall Street History: Vanderbilt, Rockefeller, Gould, and Morgan

January 31, 2022 by James S. Kaplan 1 Comment

The period after the Civil War was one of significant economic and technological expansion in the nation and one in which corporations headquartered in Lower Manhattan and Wall Street would obtain a significant hegemony over the American economy.

This was a time in which individual entrepreneurs were running private businesses located on Wall Street. Men such as Cornelius Vanderbilt, Jay Gould, John D. Rockefeller and J.P. Morgan were major figures in the country and attained economic power and wealth on a scale previously unknown in United States history.

Much of their wealth was derived exploiting natural resources and technological innovations (notably steam engines, railroads, and oil). It was also largely dependent on the economy’s western expansion and African-American and immigrant labor. These men, who some call “Titans of Industry” and others “Robber Barons,” generally consolidated independent businesses into national enterprises, large monopolies, and multinational corporations. Many of these were headquartered in Lower Manhattan. [Read more…] about Wall Street History: Vanderbilt, Rockefeller, Gould, and Morgan