IRWA

This day in history – “Colonel” Edwin Drake struck oil with his revolutionary well in 1859 near Titusville, Pennsylvania, prompting the first oil boom in North America. HAPPY NATIONAL PETROLEUM DAY! In the late 1850’s, American businessman and former railroad conductor Edwin Drake began a bold venture in Pennsylvania that would forever change the energy industry. Drake partnered with William "Uncle Billy" Smith, a salted well driller and blacksmith, to drill for oil in the manner of salted well drillers in hopes of yielding more oil than by conventional digging. Drake and Smith drilled for months using various new techniques and a steam engine to power the drill, but their efforts were unsuccessful for several months. The project became known as “Drake’s Folly” and investors would pull out. However, Drake would persevere and personally took out a $500 loan to keep the project alive. On Aug. 27, 1859, Drake’s drill bit reached its max depth of 69.5 feet, hitting a crevice. The next morning, Smith was delighted and surprised to see crude oil rising up. The duo would initially collect the oil in a bathtub! The well would eventually produce 12 to 20 barrels a day, however, after the price of oil plummeted caused by the resulting boom, it was never profitable. Aug. 27 is a great day to commemorate Drake and Smith’s achievement as well as all of the incredible things American petroleum has helped accomplish since! #nationalpetroleumday #energy #petroleum #oilandgas #energyindustry #power #landmen #geophysicists #geologists #rightofway #landmen #fossilfuels #americanhistory #thisdayinhistory #TDIH #history #historyfacts #nationalpetroleumday2024