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But the first modern oil well was in Pennsylvania, when Colonel Edwin L. Drake drilled down 72 feet near Titusville (just east of Pittsburgh) and struck "Oil Creek."  Oil production there started in 1859.  That oil sold for $40 a barrel (note that a dollar was worth far more then), so it was even more expensive to buy than oil is today!  It was used for medicine, as there were no cars then.<ref name="Oil"/>

But the first modern oil well was in Pennsylvania, when Colonel Edwin L. Drake drilled down 72 feet near Titusville (just east of Pittsburgh) and struck "Oil Creek."  Oil production there started in 1859.  That oil sold for $40 a barrel (note that a dollar was worth far more then), so it was even more expensive to buy than oil is today!  It was used for medicine, as there were no cars then.<ref name="Oil"/>

A devout Christian who abandoned public high school before finishing, John D. Rockefeller, had just started his first job a few years earlier.  He developed a tremendous work ethic, and was immediately attracted to the discovery of oil in 1859.  He quickly entered the business and hooked up with an inventor who knew how to cheaply refine the oil into something usable.  By 1870 Rockefeller founded Standard Oil Company, and then began pursuing highly aggressive business tactics to drive out competitors and consolidate his control (monopolize the industry).<ref name="Rockefeller">http://www.u-s-history.com/pages/h957.html</ref>   

A devout Christian who abandoned public high school before finishing,<ref>When John D. Rockefeller later had children of his own, he and his wife homeschooled them until age ten. http://www.associatedcontent.com/article/44035/john_d_rockefeller_jr.html .</ref> John D. Rockefeller, had just started his first job a few years earlier.  He developed a tremendous work ethic, and was immediately attracted to the discovery of oil in 1859.  He quickly entered the business and hooked up with an inventor who knew how to cheaply refine the oil into something usable.  By 1870 Rockefeller founded Standard Oil Company, and then began pursuing highly aggressive business tactics to drive out competitors and consolidate his control (monopolize the industry).<ref name="Rockefeller">http://www.u-s-history.com/pages/h957.html</ref>   

In 1882, Rockefeller formed a new type of business entity called the "trust", and named it the Standard Oil Trust of Ohio.  But ten years later a decision by the Ohio Supreme Court decision forced him to break up his Trust into 20 smaller businesses.  In 1899 he formed a holding company for all his businesses in the name of Standard Oil Company of New Jersey.  By 1911 it controlled an astounding 95% of the entire oil industry, but then the U.S. Supreme Court forced Rockefeller to break up it up into smaller pieces and separately controlled companies, one of which became Exxon.  Rockefeller then retired and devoted the remainder of his long life to philanthropy (giving away his money to charitable causes).<ref name="Rockefeller"/>

In 1882, Rockefeller formed a new type of business entity called the "trust", and named it the Standard Oil Trust of Ohio.  But ten years later a decision by the Ohio Supreme Court decision forced him to break up his Trust into 20 smaller businesses.  In 1899 he formed a holding company for all his businesses in the name of Standard Oil Company of New Jersey.  By 1911 it controlled an astounding 95% of the entire oil industry, but then the U.S. Supreme Court forced Rockefeller to break up it up into smaller pieces and separately controlled companies, one of which became Exxon.  Rockefeller then retired and devoted the remainder of his long life to philanthropy (giving away his money to charitable causes).<ref name="Rockefeller"/>