Definition - What does Drake Well mean?
Drake Well is an oil well which was officially declared as the first ever drilled and commercially producing oil well on American soil. The depth of this oil well was 23 meters and it was located in Titusville, Venango County in Cherry Tree Township in Pennsylvania State. The Drake Well Museum is dedicated to this oil well. The importance of drake well in the history of America was that, it attracted and created multiple players to invest and drill more and more oil wells, thus giving the birth to the oil and gas sector in USA and established a supply chain in this industry.
Petropedia explains Drake Well
Drake well, which was America’s first commercially producing oil well was drilled by Colonel Edwin L. Drake on 27th August 1859 along the banks of Oil Creek. There were also claims that the first modern and commercial oil wells were actually drilled in 1848 in Baku, Asia and in 1854 in Poland, Europe. Few other locations where there were claims of the first oil well being drilled at their locations include Azerbaijan, West Virginia and Ontario.
In USA, before drilling of oil wells such as Drake Well, the wells were generally drilled for salt brine and accidentally produced oil and gas as byproducts. Soon people realized the amount of heat and energy that this accidentally produced crude oil can provide. They discovered it could boost up the industrialization, support other businesses and change the course of the industrialization. Thus, Drake well attracted first great wave of investment in the field of extracting oil and gas in USA and created a market for searching, exploring, producing oil wells, refining the crude oil and then retailing the petroleum products.