Exxon origins can be traced to Titusville's Carter Oil, founded in 1893 by John J. Carter.Irish immigrant and Civil War veteran John J. Carter was awarded athe Medal of Honor for his bravery at the Battle of Antietam. After the war, he moved to Titusville and invested in oil.Carter Oil eventually merged with Humble Oil and both were acquired by Standard Oil of New Jersey, which became Exxon. In 1999, Exxon and Mobil merged to become Exxon Mobil; one of the largest energy corporations in the world.
First Oil Exchange
The first permanent oil exchange in the United States was organized in Titusville, Pennsylvania in 1871 to stabilize and professionalize the fledging commercial oil industry.
The exchange sold stock, set prices, and help negotiate refining contracts. Before the exchange, buyers negotiated with producers at oil wells. The Titusville exchange started in the American Hotel, moved around in its early years, and eventually moved back to the site in 1881 at the behest of John J. Carter.The exchange dissolved in 1897 when Standard Oil refused to buy oil at the exchange bid price, negating the power of the oil exchange.