Friday, May 25, 2012

The Penniless Oil Baron


Edwin L. Drake, Oil Creek Lodge 303 (Now Titusville Lodge 754), drilled the world's first successful oil well in August of 1859.  Seneca oil hired Drake to manage the project but the company was only halfheartedly committed to the effort.  Seneca was so underfunded it hired Drake mainly because, as a former railroad employee, he had free use of the rails.  When the project did not produce immediate results, Seneca bailed out and left Drake on his own.  Brother Drake developed successful drilling techniques which are in use yet today, but failed to patent them and died penniless, having pioneered an industry that has made others billions.