The price has gone up a little

The use of oil is mentioned in the Bible as a product for waterproofing. Before 1859 the chief source of il was whales and the main use was for oil lamps. The first oil well was in 1859 in Pennsylvania and was 0 feet deep. They pumped 35 barrels a day for a price of $20 a barrel. In 1901 an oil well in Spindeltop Texas at 100 feet deep sent a gusher 175 feet into the air. It was able to produce 100,000 barrels a day. With all the other oil wells now in existence the price fell to $.03 a barrel.

(The Great Courses – The Industrial Revolution)

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