Wednesday, May 20, 2015

This Week in Oil and Gas History

May 17, 1882

A well in Cherry Grove, PA flows at an unheard of rate of 1000 barrels per day sending oil price shock waves through the 25 year old industry. What became known as the Pennsylvania 646 Mystery Well caused oil prices to fall to 50 cents per barrel. It's the Law of Supply and Demand in action.

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