New Oilfield Shifts Supply Curve, but Slowly

Lynne Kiesling This Marketplace story from Wednesday does a really good job of explaining the fundamental economics of new oil field discovery. The context for the story is BP’s discovery of a new oil field in the Gulf of Mexico, one of the largest discoveries in the past two decades. Part of the challenge, though, … More New Oilfield Shifts Supply Curve, but Slowly

150th Anniversary of Edwin Drake’s First Oil Well in Pennsylvania

Michael Giberson Here’s wishing a happy 150th birthday to the oil industry! On August 27, 1859, Edwin Drake and his steam engine succeeded, after weeks of work, in drilling a successful oil well.  Actually, more like “chipping” than “drilling.”  Alex Madrigal has the story and several old stereograph images: A western Pennsylvania river valley seems … More 150th Anniversary of Edwin Drake’s First Oil Well in Pennsylvania