Halifax Paper - The Product and Exhaustion of the Oil-Regions of Pennsylvania and New York

The petroleum industry of western Pennsylvania and southwestern New York lias been one of phenomenal development. Greater and more sudden flucuations hare occurred in the price* of crude oil, and in all the collateral interests dependent upon its production, than in the case of any other mineral product which has been extensively exploited in the United States. This was more particularly so from the commencement of drilling for oil in 1859 down to the end of 1877. The experience gained during these early years has enabled the oil men to operate more intelligently since; the business is not now attended with the hazardous risks with which it is generally credited. The most important questions connected with the oil industry are those of (a) the oil-supply, and (6) the possible ultimate exhaustion of the field. Since 1876 my attention has been directed to the study of the statistics of the product of the oil regions. In January, 1880, in order to slow some interesting points connected with these questions, I prepared a graphic chart which was used to illustrate a lecture on petroleum delivered before the Franklin Institute. This chart was afterwards reconstructed in two distinct forms for publication in the census report. on Petroleum and its Products. These latter I have redrawn in a condensed form, and have extended them to include the statistics up to 1885, for publication in the Transac tions of the Institute, in conjuction with a map of the oil-re&'~IOIIS prepared by Mr. John F. CarII and myself. It is hoped that these illustrations will be found interesting to the members of the Institute, and of practical utility to oil-men, without any extended discussion, since it is my desire to make only such brief references to them and give such additional detailed facts as may serve to make the prominent features understood.