Cushing, Oklahoma is a small town located in the north-central part of the state,
and it has played a significant role in the history of the American oil industry. The discovery of oil in the area in the early 1900s transformed Cushing into a thriving hub of oil production and transportation, with its oil fields becoming some of the most important in the country.
The first oil well in the Cushing area was drilled in 1896, but it was not until 1912 that the Cushing field was discovered in earnest. This field was unique in that it produced a high-quality crude oil that was in great demand by refineries across the country. The oil was also relatively easy to transport, as it was located near several major rail lines.
As production in the Cushing field increased, the town of Cushing grew rapidly, with oil companies and support industries flocking to the area. In 1914, the Cushing field became the first in the country to produce more than one million barrels of oil in a single year. By the 1920s, the Cushing field was producing more than 12 million barrels of oil annually, making it one of the largest and most productive oil fields in the world.
With so much oil being produced in the area, the need for storage and transportation infrastructure quickly became apparent. In 1914, the first oil storage tank was built in Cushing, and over the next several years, more than 50 additional storage tanks were constructed. The town soon became known as the “Pipeline Crossroads of the World,” as it was home to several major pipelines that transported oil to refineries across the country.
One of the most important events in the history of the Cushing oil fields occurred in 1929, when the world’s first oil futures contract was traded on the New York Mercantile Exchange. This contract, which was for the delivery of oil from the Cushing storage tanks, set the standard for oil pricing worldwide and made Cushing a key player in the global oil market.
Today, the Cushing oil fields continue to play an important role in the American oil industry. The town remains a major hub for oil storage and transportation, with millions of barrels of oil passing through the area every day. While the production levels of the Cushing fields have declined in recent years, they remain a crucial source of oil for the United States and the world.
By Al Ingalls
KUSH History Editor
