In 1859, Col. Edwin Drake, an American businessman, drilled the first successful oil well, at Titusville, Pa.
At the time, some people called the project “Drake's Folly,” but it actually marked the birth of the modern petroleum industry.
Related: Get ready for $5-a-gallon gasoline
Drake sold his "black gold" for $20 a barrel and people have been buying the stuff ever…

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