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The petroleum industry in Ohio dates from 1859. Ohio continues to produce significant quantities of oil and gas, having produced more than 1 billion barrels of oil and 9 trillion cubic feet of natural gas since 1860. [1] Unconventional resources, primarily in eastern Ohio, are likely to increase production in Ohio.
The Standard Oil Company (Ohio) was an American petroleum company that existed from 1870 to 1987. The company, known commonly as Sohio , was founded by John D. Rockefeller . [ 4 ] [ 2 ] It was established as one of the separate entities created after the 1911 breakup.
Ohio was a world leader in oil production in the late 19th and early 20th centuries. The Ohio oil and natural gas industries employ 14,400 citizens, resulting in $730 million in wages. The industries paid $202 million in royalties to landowners, and $84 million in free energy. [ 7 ]
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Beman Gates Dawes and his brothers, whose Columbus-based Ohio Cities Gas Company had begun in 1914, made an offer of $24.50 a share for the company. Dawes was building an Oklahoma refinery, and Pure Oil had production capabilities there which would benefit his company. The Pennsylvania company accepted the offer and made $22 million in profit ...
Production began in 1977, following completion of the Trans-Alaska Pipeline. Through 2005, the field has produced 13 billion barrels (2.1 × 10 ^ 9 m 3 ) of oil (an average of 1.5 million barrels/day), and is estimated to contain another 2 billion barrels (320 × 10 ^ 6 m 3 ) of economically recoverable oil.
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