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Cushing is the delivery point for West Texas Intermediate, a blend of US light sweet crude oil streams [1] traded on the New York Mercantile Exchange [19]. Cushing's strategic position as a major hub in oil supply led to WTI's development as a significant physical market price reference or benchmark for over three decades.
A 1912 oil boom led to the city's development as a refining center, [7] with over 50 refineries operating in Cushing over its history. [8] Today, Cushing is a major trading hub for crude oil and a price settlement point for West Texas Intermediate on the New York Mercantile Exchange [ 9 ] and is known as the "Pipeline Crossroads of the World."
The Seaway Pipeline was originally built by a consortium of oil industry firms formed in 1974 named Seaway Pipeline, Inc. for transferring (then) cheap foreign oil from Texas ports to refineries in the Midwest. After two years of construction, the system became operational on 23 November 1976, and pumped crude oil north until 1982. [2]
In 1912, the discovery well, the Wheeler No. 1 Oil Well came in near Drumright for wildcatter Thomas Baker Slick, Sr. [1]. Peak production was in May 1917 at 310,000 barrels per day, accounting for two thirds of the refinable crude oil production in the western hemisphere during that time, and provided twenty percent of the petroleum sold in the United States in 1915-1916.
The Jackson Barnett No. 11 Oil Well was the most productive oil well in the Cushing Oil Field of northeastern Oklahoma, USA, to the south of Drumright.The well was drilled in 1916 in the Shamrock Dome section of the Cushing field by the Gypsy Oil Company, striking oil on February 17.
In 1954, the Apache Oil Corporation was founded in Minneapolis, Minnesota, by Truman Anderson, Raymond Plank and Charles Arnao with $250,000 in funding. [4]In 1955, the first wells were drilled in the Cushing field, between Tulsa and Oklahoma City.
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