by Bruce Wells | Apr 21, 2025 | This Week in Petroleum History
April 21, 1967 – GM celebrates its 100 Millionth Car –
General Motors celebrated its 100 millionth American-made car (a two-door Chevrolet Caprice). Founded in 1908 by William Durant, the Flint, Michigan, company began as a manufacturer of horse-drawn carriages. After leaving GM, Durant and partner Louis Chevrolet founded the Chevrolet Motor Company in 1911, which became part of GM five years later.
After World War II, GM was the first American corporation to pay more than $1 billion in taxes, according to the Detroit Historical Society, which also notes the company declared bankruptcy in 2009 and emerged less than 40 days later after a federal bailout that saved more than a million jobs. (more…)
by Bruce Wells | Apr 17, 2025 | Petroleum History Almanac
Standard Oil curbed the excitement of unruly speculators trading oil and pipeline certificates.
In a sign of the growing power of John D. Rockefeller at the end of the 19th century, Standard Oil Company brought a decisive end to Pennsylvania’s highly speculative — and often confusing — trading markets at oil exchanges.
On January 23, 1895, the Standard Oil Company’s purchasing agency in Oil City, Pennsylvania, notified independent oil producers it would only buy their oil at a price “as high as the markets of the world will justify” and not necessarily “the price bid on the oil exchange for certificate oil.” The action would bring an end to the “paper oil” markets of brokers and buyers.
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