The First American to Drill for Oil, American Entrepreneur Edwin Drake’s Oil Industry Inventions Used During the Modern Day, the Wealth and Philanthropy of American Entrepreneur John Rockefeller, Rockefeller Understanding Market Economics and Developing a Solution to the Increasing Cost of Whale Oil, the Etymology of “Standard Oil”, Rockefeller Creating Contracts Within the Railroad Industry to Transport Oil More Efficiently, Rockefeller’s Drawback Fee as a Means of Eliminating Competition and the First Example of Price Fixing, Gasoline Once Having No Purpose and No Value as a Byproduct, the Reason the Combustion Engine Uses Gasoline, and Oil vs. Charcoal

Edwin Drake was the first American to drill for oil. Drake struck oil in 1859 in Titusville, Pennsylvania, United States of America. Drake pioneered methods still used today such as using a guide pipe 12” in diameter to shield the drilling rig from the well collapsing as well as the use of barrels to store oil, which got its start because Drake had nothing else other than old whiskey barrels to store the oil he had found once it came pouring out of the ground. John Davidson Rockefeller’s fortune...

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