[The Number of Oil Wells]The Illustrated London News, vol. 40, no. 1149, p. 620.
June 14, 1862
The number of oil-wells now flourishing near Oil Creek, Pennsylvania, the great centre of the trade in that State, is 75; the number of wells that formerly flowed and pumped were 62; the number of wells sunk and commenced is 358: total, 495. The amount of oil shipped is set down at 1,000,000 barrels; amount on hand to date, 92,450 barrels; present amount of daily flow, 5717 barrels. The average value of the oil, at 1 dol. per barrel, is 1,092,000 dols; average cost of wells, at 1000 dols. each, is 495,000 dols.; machinery, building, &c., from 500 dols. to 700 dols. each, 500,000 dols. The total number of refineries is 25. The oil sells at 58 cents per barrel at the wells.—New York Sun.