For the first time, an analog computer will be used to
automatically compute refinery process data such as pressure, temperature, flow
rate, etc. and alert operators of any deviations from normal operating
conditions. Will it be located in
East Texas crude oil - $2.90/bbl
A bill is introduced in Congress to permit Indian
tribes to participate actively with oil companies in the development of tribal
mineral resources, a step beyond their current rights to merely grant
competitive bid leases on tribal lands. President Reagan asks all
Russia’s Gazprom, the largest natural gas producer in
the world, announces plans to sell a 9% stake to foreign investors. This comes
on the heels of the Soviet government freezing some of its accounts for
nonpayment of about $2.8 billion in back taxes.
In apparent defiance of U.N. sanctions, Iraq and China National Petroleum Corp. sign a production-sharing deal for Al-Ahdab oil field in central Iraq. A Garland, Texas independent rigs up to drill a rank wildcat in Georgia, a state devoid of oil and gas production. The state is offering a $250,000 prize for the first successful well.
Light sweet crude oil - $25.15/bbl
Natural Gas - $3.48/MMBTU
The Rest of the Yarn
Continuing this month with a look back at the early history of oil trading in this country, we take up where we left off with an examination of the early oil exchanges.
As discussed last month, the first formal oil exchange
was located in
Because the early trading was in paper, not in oil,
the number of barrels bought and sold in
In 2 days in May 1884, for example, the price of oil
on the exchange dropped from $0.91 to $0.78 per barrel, and on both of those
Next month, stability comes to oil prices, much to the chagrin of the oil traders.
Readers are encouraged to submit brief, ostensibly true stories about notable personalities from our industry’s storied past. Submissions should be e-mailed to firstname.lastname@example.org.
In 1910 the Exchange National Bank in
If you would like to participate in this month’s quiz, e-mail your answer to email@example.com by , December 15. The winner, who will be chosen randomly from all correct answers, will receive a $50 gift certificate to a nice restaurant.
Answer to November’s Quiz
The grand opera Aida was written by the Italian Verdi
to celebrate something of great significance to the oil industry, namely, the
opening of the
Answer to October’s Quiz
Phillips Petroleum was the first operator to drill
deeper than 25,000 ft on a well in
Congratulations to October’s winner – Mario Zamora with M-I SWACO