The national government to start regulating the interstate oil market because states began overproducing oil, driving down the oil pricing. The national government needed to get states to coordinate with each other in their oil production to help maintain the price.
Who determines Oil Pricing?
- Despite ongoing efforts to limit its use and discover other green energy sources, oil continues to play a significant role in the global economy.
- Finding oil during a drill was once thought to be a bit of a hassle because the intended rewards were usually water or salt. In the Absheron Peninsula, Azerbaijan, the first industrial oil well wasn't created until 1847.
- Twelve years later, in 1859, purposeful drilling near Titusville, Pennsylvania, led to the establishment of the United States' petroleum industry. (Drilling started in the United States in the early 1800s, but it was for brine, not oil, so any discoveries were unintentional.)
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