Seneca Oil
While petroleum oil was known prior to this, there was no appreciable market for it. Samuel Martin Kier is credited with founding the first American oil refinery in Pittsburgh. He was the first person in the United States to refine crude oil into lamp oil (kerosene). Along with a new lamp to burn Kier's product a new market to replace whale oil as a lamp oil began to develop.
Seneca Oil, originally called the Pennsylvania Rock Oil Company, was founded by George Bissell and Jonathan Eveleth. They created the company after catching wind of reports that petroleum collected from an oil spring in Titusville, Pennsylvania was suitable for use as lamp fuel. Until this time, the primary lamp fuel had been whale oil. Bissell found that the "rock oil" would be a practical alternative if a method could be devised to extract the oil from the ground. Interest in the Pennsylvania Rock Oil Company was initially low until a report commissioned by Bissell and Eveleth showed that there was significant economic value in petroleum. Due to a disagreement between the shareholders and the pair, the company was split and Seneca Oil was formed in 1858. Before being offered a job by Bissell and Eveleth, Drake bought stock in Seneca Oil. But his job opportunity with the company arose because both parties were staying in the same hotel in Titusville. He was hired on a salary of $1,000 a year to investigate the oil seeps on land owned by Seneca Oil.
Read more about this topic: Edwin Drake
Famous quotes containing the word oil:
“As artists they’re rot, but as providers they’re oil wells; they gush. Norris said she never wrote a story unless it was fun to do. I understand Ferber whistles at her typewriter. And there was that poor sucker Flaubert rolling around on his floor for three days looking for the right word.”
—Dorothy Parker (1893–1967)