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The number of 3.0 magnitude quakes rose from 2 in 2008 to 889 in 2015, according to USGS statistics. In 2016, there have been 572 (up to November). "The oil companies have said for a long time that these are natural earthquakes, that they would have occurred anyway," Choy said, "but when you look at the statistics, that argument does not fly." [33]
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]
Cushing is a major crude oil marketing/refining and pipeline hub. [26] [27] Operating from 2010 to 2021, the original Keystone Pipeline System is a 3,461-kilometre (2,151 mi) pipeline delivering Canadian crude oil to U.S. Midwest markets and Cushing, Oklahoma.
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.
SandRidge was founded in 2006 by Tom L. Ward upon the acquisition 46% of Riata Energy from Malone Mitchell III for $500 million. Ward previously co-founded Chesapeake Energy with Aubrey McClendon and was the chief operating officer of that company from 1989 until 1996.
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It began as an oil boom town. However, the population has declined as oil production has waned in the area. The population was 2,907 at the 2010 census, a figure almost unchanged from 2,905 in 2000. [4] Drumright and nearby Cushing were at the center of the large, productive Cushing-Drumright Oil Field in the 1910s and 1920s. Now Drumright is ...
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