A Short History of Petroleum.

The Lumberman's Gazette gives the following short history of petroleum: The production of petroleum as an article of trade dates from the 28th of August, 1859, when Colonel Drake, in a well 69-1/2 feet deep, "struck oil," and coined a phrase that will last as long as the English language. From that beginning it has increased to an annual production of 14,500,000 barrels of crude oil. The first export was in 1861, of 27,000 barrels, valued at $1,000,000, and the export of petroleum in the year 1877 was, in round numbers, $62,000,000. The annual product of petroleum to-day—crude and refined—is greater in value than the entire production of iron, and is more than double that of the anthracite coal of the State of Pennsylvania, and exceeds the gold and silver product of the whole country. As an article of export it is fourth, and contests closely for the third rank. Our leading exports are relatively as follows: Cotton annually from $175,000,000 to $227,000,000; flour from $69,000,000 to $130,000,000; pork and its products (bacon, ham and lard) from $57,000,000 to $82,000,000; and petroleum from $48,000,000 to $62,000,000. The total export of petroleum from 1861 to and including 1877 (16 years) has been $442,698,968, custom house valuation. From the best sources of information there are at this time 10,000 oil wells, producing and drilling, which, at a cost of $5,000 per well, would make an investment of $50,000,000 in this branch of the business. Tankage now existing of a capacity of 6,000,000 barrels cost $2,000,000, and $7,000,000 has been invested in about 2,000 miles of pipe lines connected with the wells. The entire investment for the existing oil production, including purchase money of territory, is something over $100,000,000, which amount cannot be lessened much, if any, for as wells cease to produce new ones have been constantly drilled to take their place.