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The History of Oil in the Modern Era
The world is consuming 100 million barrels of oil a day. That's about 10 times what it consumed in 1950. The birth of the commercial production of oil was marked over a century and a half ago, with the discovery of reserves in eastern Pennsylvania in the 1860s. For the first 50 or 60 years of the oil industry from the mid-19th century up to the beginning of the 20th century, most of the world's oil was produced and indeed consumed within the United States.