Les opportunités du monde et comment les utiliser . 1000 ans. Au début du siècle présent, de petites quans-tities de l'huile ont été recueillies et vendues comme un médicament précieux, sous le nom de l'huile Seneca. Pendant ce temps, il a été découvert en Grande-Bretagne que les huiles (huiles de parafine) d'une caractéristique similaire pouvaient être distillées à partir de certaines espèces de charbon et de lignite, et vers 1850 la fabrication de ces huiles a été introduite à l'intérieur des États-Unis. En 1854, une société a été créée pour collecter le pétrole naturel flottant sur les piscines et les fossés dans le nord-ouest de la Pennsylvanie. En 1858, M. Drake, le directeur de thi

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The world's opportunities and how to use them . 1000 years old. Early in the present century small quan-tities of the oil were collected and sold as a valuable medicine, under the name of Seneca oil. Meanwhile it was discoveredin Great Britain that oils (paraffine oils) of a similar charactercould be distilled from certain species of coal and lignite, andabout 1850 the manufacture of these oils was introduced intothe United States. In 1854 a company was formed for collect-ing the natural petroleum floating on pools and ditches in North-western Pennsylvania. In 1858 Mr. Drake, the manager of thiscompany, conceived the idea that, by sinking a deep well, oilwould be struck. On August 28, 1859, a well had been boreddown to a depth of 71 feet, when oil gushed to the surface atthe rate of 400 gallons a day. From the sinking of this well dates the beginning of petro.leum mining, which has come to be a very prominent industryin the United States. Wells were immediately sunk in therough region of North-western Pennsylvania, and the most un-. PETROLEUM AND ITS PRODUCTS. 215 productive farm lands came to be held of the highest value; fora well, which could be sunk for a few hundred dollars, mightyield, with scarcely any additional mining labor, hundreds of dol-lars a day. Petroleum has this characteristic, that there is no apparentlimit to the quantity that may be obtained by a comparativelytrifling amount of labor. Practically, the value of it is regulatedwholly by the amount wanted, and not by the quantity produced.The history of petroleum mining, therefore, furnishes an in-structive lesson upon the relation between the value of a pro-duction, its supply in the market, and the demand for it. The quantity produced in 1859 was 3, 000 barrels, which soldat the wells for $13.00 per barrel. In i860 there were 600, 000barrels, and the price fell to $6.72 per barrel; in 1861 the yieldwas 2, 000, 000 barrels, at $2.73. In 1862 the yield was 3, 000, 000barrels, sold at pi.68; so that, altho

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