by Bruce Wells | Apr 20, 2026 | This Week in Petroleum History
Pumping multiple wells with a single steam engine boosted efficiency in early oilfields when Albert Nickerson and Levi Streeter of Venango County, Pennsylvania, patented their “Improvement In Means For Pumping Wells.” The new technology used a system of linked and balanced walking beams to pump oil wells. (more…)
by Bruce Wells | Apr 14, 2026 | Petroleum History Almanac
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.
