United States Oil Industry
The discovery of oil led to a large amount of growth during the development of the Industrial Revolution and booming America. Steel and iron was a new and booming business, but a better form of fuel was needed to drive this production even further. Bennett H. Wall, from History Channel, he wrote, “The discovery of the Spindletop geyser in 1901 drove huge growth in the oil industry. Within a year, more than 1,500 oil companies had been chartered, and oil became the dominant fuel of the 20th century and an integral part of the American economy.” (Wall ?). This shows that the discovery of oil was crucial because it was able to connect every discovery and invention together in order to drive the economic growth of the 20th century. Although oil was not available in large amounts until the 20th century, many people were able to take the limited amount of oil and make use of it prior to the time of the Industrial Revolution. Throughout this paper we will look at the beginning history of oil in the United States followed by the rise of competitors and current standing of the United States in the oil industry today.
Although the large availability of oil was not discovered until the 20th century, many individuals were able to use oil in their daily life. As in his article, Wall wrote, “Settlers used oil as an illuminant for medicine, and as grease for wagons and tools. Rock oil distilled from shale became available as kerosene even before the Industrial Revolution began.” (Wall ?). At the time the potential for oil was not fully known, but the initial discovery of oil allowed for people at that time to utilize it for daily functions. Once the 20th century started, the discovery of mass amounts oil allowed for cheaper prices and more users of oil. The use of oil was starting to be implemented and just like any new discovery, it will attract the interest of many new investors and entrepreneurs. John D. Rockefeller, an American entrepreneur,...