A multi-million dollar industry
Edwin L. Drake
Edwin L. Drake was the one who started this multimillion dollar business. It stared of with just a simple idea. Drake believed that he could find petroleum by digging a well. Many people disagreed with Drake. They thought there can't be oil underneath the ground. Drake did not let these people stop him and in 1859 he decided to test his theory. His first well was dug in Titusville, Pennsylvania where he drilled he hit oil. Drake hit oil on his first try.
Why Business grew
Why Business grew-
- Drake had just found a new natural resource for energy that quickly became in demand for heating houses, lighting up oil lamps to provide light, and develop new technology. It also grew fast because he was ahead of all the other competitors.
- In the 1800s Drakes well began producing 15 barrels of petroleum a day.
- Many people starting spreading the word and people from all over western Pennsylvania hurried to hit the "oil rush".
- Pretty soon the oil boom expanded into Ohio and West Virginia.
As businesses grew they thought that they could just do as they wish and not follow the governments rules. The government banned businesses to work together and form large corporations, but many businesses still did. So the government passed the Sherman Antitrust Act, it sought to "protect trade and commerce against unlawful restraint and monopoly". At first the act did not work well with the power of big businesses.
This is an example of what the petroleum industry has become today.
This is what the industry started of looking like.
Edwin L. Drake
This is the man who started it all!