25 Years of McCuistion: The History of Oil in America

Left to Right: David Drumm, Bruce Cutright & Barry F. Crossman

Joining host, Dennis McCuistion, to talk about our rich history of oil and how it has changed how we live, are key experts on this topic:

• David G. Drumm: Oil and Gas Attorney, Carrington, Coleman, Sloman, & Blumenthal, L.L.P and Chairman of the Board of the Hatton W. Sumners Foundation,
• Barry F. Crossman: Adjunct Professor of International Business, University of Texas at Dallas, Senior Executive with Caltex ( retired), and
• Bruce Cutright: Research Scientist Associate at the Bureau of Economic Geology at the University of Texas at Austin

For most of the 19th and 20th century, the U.S. was the largest oil producer in the world in an industry fraught from the very beginning with booms and busts as well as tremendous investment opportunity and technological advances. The history of oil began with the oil discovery in the U.S. is first credited to the Oil Creek site near Titusville, Pennsylvania in 1859, named after “Colonel” Edwin Drake, the man responsible for the well. The Drake Well began an international search for petroleum, and attracted the first investments in oil drilling, refining and marketing.

By 1906 there were over 1500 oil companies in the U.S. Today only four to five still exist. In 1926 the U.S. was producing 70% of the oil in the world. In 1950 the world was consuming 10.4 million barrels a day, with the U.S. producing 5.4 million barrels of that. In 1970 the world was producing 44.9 million barrels a day with the U.S. producing 9.6 million barrels. In 1990 the world was producing 60.6 million barrels a day with the U.S. down to 7.4 million barrels.

Audience Guests: Nancy Crossman and Anna Clark

Our experts on the history of oil take us from Baku, Azerbaijan in 1846 to Spindletop, Texas in 1901, the formation of OPEC in 1960, the 1973 and 1979 gas lines and the collapse of oil prices in 1986, until today and the current oil price challenges and major transformations in the industry. Today, technology allows us to take our proven reserves and increase it by a factor of ten.

Guests discussing the history of oil from previously taped programs include:

• Dr. Rilwanu Lukman: Former Secretary General, Organization of Petroleum Exporting Countries, who says, OPEC is not a true cartel; and
• Daniel Yergin: Author of The Quest, who tells us that as early as the mid 1880’s people were concerned we were running out of oil.

Join us for a rich perspective (no pun intended) on the colorful history of oil.

Talking about things that matter… with people who care.