History
The first commercially successful oil well drilled in what was to be called the Mid-continent Oil Field was the Norman No. 1 near Neodesha, Kansas, on November 28, 1892. The successes that followed of the Nellie Johnstone No. 1 (Bartlesville, Oklahoma) in 1897, Spindletop (Texas) in 1901, and the Ida Glenn No. 1 (Glenn Pool, Oklahoma) in 1905, demonstrated the existence of a large oil field in the central and southwestern United States. It became known as the Mid-continent Oil Field. Continued drilling found many other oil fields and pools within the Mid-continent, both large and small.
Historically this area has produced more oil than any other area in the United States, and until the discovery of oil in the Middle East, was the largest known oil reserve in the world. The Texas Railroad Commission estimates that the Texas reserves alone were 190 billion barrels (3.0×1010 m3) of oil including the little more than 60 billion (10 km³) already produced.
Laws in the early days gave the oil flowing from the well-head to the owners of the well, prompting nearby property owners and lease holders to drill as many wells as possible to ensure they received the profits for the oil under their land. This led to rapid depletion of the resources and the immediate fall of oil prices. Also, the resulting influx of thousands of oil field workers led to wild growth of nearby boom towns and the lawlessness that accompanied them. The states eventually succeeded in regulating the industry and passing laws for the equitable distribution of oil royalties.
Because of this early uncontrolled exploitation, much of the reserves in the Mid-continent have been depleted. Oil operators, in addition to continued exploration, use a variety of techniques to increase production, including deep wells, injection wells, etc. Natural gas, which in the early days was vented to the atmosphere or burned off, now accounts for a large percentage of the exploration efforts and profitability of the petroleum industry in the Mid-continent.
Read more about this topic: Mid-Continent Oil Province
Famous quotes containing the word history:
“The history is always the same the product is always different and the history interests more than the product. More, that is, more. Yes. But if the product was not different the history which is the same would not be more interesting.”
—Gertrude Stein (1874–1946)
“It gives me the greatest pleasure to say, as I do from the bottom of my heart, that never in the history of the country, in any crisis and under any conditions, have our Jewish fellow citizens failed to live up to the highest standards of citizenship and patriotism.”
—William Howard Taft (1857–1930)
“Regarding History as the slaughter-bench at which the happiness of peoples, the wisdom of States, and the virtue of individuals have been victimized—the question involuntarily arises—to what principle, to what final aim these enormous sacrifices have been offered.”
—Georg Wilhelm Friedrich Hegel (1770–1831)