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Historical Markers
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Titusville Oil Exchange Historical Marker
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Name:
Titusville Oil Exchange

Region:
Lake Erie Region

County:
Crawford

Marker Location:
Spring Street between Washington & Franklin, Titusville

Dedication Date:
October 21, 1999

Behind the Marker

A group of several dozen men dressed in business suits and hats gather on a sidewalk in front of several stores in Oil City.
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A group of several dozen men dressed in business suits and hats gather on a...
The Titusville Oil Exchange was formed in 1871 by independent oil producers, to strategize and stabilize a growing and highly competitive industry, sell shares of stock, establish prices, and enter into refining agreements. Before a formal exchange was formed, producers often discussed industry business along Centre Street and in nearby business establishments. A rail car was even outfitted - complete with cigars and whiskey - for such purposes.

As the industry matured a new venue emerged and the Exchange was formally housed in the American Hotel. Eventually John D. Rockefeller's South Improvement Company and its dominance of Pennsylvania's oil industry negated the need for the exchange. It dissolved in 1897.

 
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