A Brief History of Electricity Production, Oil Prices and Reserves, Business and Industry Trends Analysis

Ever since William Hart dug America’s first successful gas well in Fredonia, New York in 1821, and “Colonel” Edwin Drake drilled the first true oil well in the state of Pennsylvania in 1859, the ability of oil and natural gas to power electric generation plants, transportation, homes and industry has created both immense economic advances and significant controversy.  It was decades before the nature of widespread oil reservoirs was understood.  For example, in the 1880’s the U.S. Geological Survey confidently stated that there was “little or no chance of oil being discovered in Texas or California.” In the early years,…

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