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With the new oil supplies from California—along with increased oil production in Texas and Pennsylvania—the price decreased from $9.60 per barrel in 1860 to $0.25 per barrel in 1895. [ 18 ] American oil companies including Union Oil Company became concerned with this development because oil prices had fallen too low for oil companies to ...
The Los Angeles City Oil Field. Other oil fields are shown in light gray. The story of oil production in California began in the late 19th century. [9] As of 2012, California was the nation's third most prolific oil-producing state, behind only Texas and North Dakota.
Midway Sunset Oil Field Geologic Cross Section The Lakeview #2 gusher (not the more famous Lakeview #1 gusher), 20 May 1914. While the Midway-Sunset field is a large contiguous area covering more than 30 square miles (80 km 2), it comprises 22 identifiable and separately-named reservoirs in six geologic formations, ranging in age from the Pleistocene Tulare Formation (the most recent ...
[39] [40] Texas soon became dominant as the nation's leading oil producer. By 1940, Texas production was twice that of California, the next largest U.S. producer. [36] [41] In 1930, Columbus Marion Joiner, a self-educated prospector, discovered the East Texas Oil Field, the largest oil discovery that had ever been made. [42]
The Orcutt Oil Field is a large oil field in the Solomon Hills south of Orcutt, in Santa Barbara County, California, United States. Discovered in 1901 by William Warren Orcutt , it was the first giant field (over 100 million barrels (16,000,000 m 3 ) in ultimate recovery) to be found in Santa Barbara County, and its development led to the boom ...
In 1923 Orcutt wrote a paper tracing the history of oil production in California, which he presented to the American Association of Petroleum Geologists. [3] Orcutt served in the California National Guard from 1895-97, was a Reserve Engineer during WWI, and during WWII served on the local draft board from 1940 until he died in 1942. [2]
American oil production surged in the early 1920s, particularly in north Texas and the Los Angeles Basin in California, driving down both imports and the price of oil. [27] A barrel of oil in the Midcontinent region lost almost two-thirds of its value, falling from US$3.50 at the start of 1921, to US$1.25 at year-end. [ 28 ]
On May 24, 1920, the first Huntington Beach well, the Huntington A-1 3] was brought in as a producing well By October 1921, the field had 59 producing wells. [4] Even with 16 of those 59 wells being idle, the field produced 16,500 barrels of oil equivalent (101,000 GJ) per day, with each well producing from 50 to 200 barrels daily.