Titusville in Crawford County, Pennsylvania — The American Northeast (Mid-Atlantic)
Exxon origins can be traced to Titusville's Carter Oil, founded in 1893 by John J. Carter.
Irish immigrant and Civil War veteran John J. Carter was awarded athe Medal of Honor for his bravery at the Battle of Antietam. After the war, he moved to Titusville and invested in oil.
Carter Oil eventually merged with Humble Oil and both were acquired by Standard Oil of New Jersey, which became Exxon.
In 1999, Exxon and Mobil merged to become Exxon Mobil; one of the largest energy corporations in the world.
First Oil Exchange
The first permanent oil exchange in the United States was organized in Titusville, Pennsylvania in 1871 to stabilize and professionalize the fledging commercial oil industry.
The exchange sold stock, set prices, and help negotiate refining contracts. Before the exchange, buyers negotiated with producers at oil wells. The Titusville exchange started in the American Hotel, moved around in its early years, and eventually moved back to the site in 1881 at the behest of John J. Carter.
The exchange dissolved in 1897 when Standard Oil refused to buy oil at the exchange bid price,
Location. 41° 37.086′ N, 79° 40.273′ W. Marker is in Titusville, Pennsylvania, in Crawford County. Marker is on Smock Road (Pennsylvania Route 8), on the right when traveling north. Touch for map. Marker is in this post office area: Titusville PA 16354, United States of America. Touch for directions.
Other nearby markers. At least 8 other markers are within walking distance of this marker. Sun Oil Co./Sunoco (here, next to this marker); Drake Well (here, next to this marker); Gulf (here, next to this marker); Spindletop (here, next to this marker); Texaco (here, next to this marker); Union 76 Gasoline (here, next to this marker); Pennzoil & South Penn (here, next to this marker); Sterling Oil (a few steps from this marker). Touch for a list and map of all markers in Titusville.
Additional keywords. Petroleum
Categories. • Industry & Commerce •
Credits. This page was last revised on May 15, 2019. This page originally submitted on May 15, 2019, by Steve Stoessel of Niskayuna, New York. This page has been viewed 93 times since then. Photos: 1, 2. submitted on May 15, 2019, by Steve Stoessel of Niskayuna, New York. • Andrew Ruppenstein was the editor who published this page.