International Oil & Gas Corporation
The first Louisiana oil well revealed the Jennings oilfield in 1901 – just nine months after the historic “Lucas Gusher” at Spindletop Hill in nearby Beaumont, Texas. The discovery launched the Pelican State’s petroleum industry. Read more in First Louisiana Oil Well.
Louisiana’s young petroleum businesses boomed in the early 1920s, energized by discoveries of the Monroe natural gas field in 1916, the Homer oilfield in 1919, and Haynesville gas field in 1921.
With abundant investment opportunities – thanks in part to the public’s fascination with “black gold” – oil companies drilled wells to meet growing demand for gasoline. But high exploration and production costs, transportation, refinery hazards and price fluctuations created an unforgiving business environment, then as now. (more…)
