Standard Oil Expands into South America, BP Acquires Vastar and Pool Noodles

Plus the first modern gas station opens in Pittsburgh in 1913.

Jul 11, 2025

Good day, energy minds and market movers. This is Petro Playback, where every date is an oilfield ledger, and every milestone reminds us: energy doesn’t just reflect our economy—it writes its rules.

It’s July 10, and today we’re tracking innovation, geopolitics, American grit, and the daily friction between crude extraction and polished policy.

Let’s turn the drill bit of history and hit today’s productive zones.

🛢️ EVENT NUMBER ONE – JULY 10, 1913: The First Modern Gas Station Opens

On this date, Gulf Oil opened what many consider the first modern drive-up service station in the United States—in Pittsburgh, Pennsylvania. It had a canopy, fuel pumps, an attendant, and standardized gasoline grades.

This wasn’t just about cars. It was about infrastructure catching up to innovation. The internal combustion engine had taken hold—but now the oil industry needed distribution networks. What followed was a boom in refining, pipeline development, and branding. The oil patch went retail—and never looked back.

🌍 EVENT NUMBER TWO – JULY 10, 1926: Standard Oil Expands into South America

On July 10, 1926, Standard Oil of New Jersey (Exxon predecessor) signed a landmark deal with Bolivia, gaining vast exploratory rights in the Andean foothills. This agreement would later become controversial, eventually tied to nationalization efforts and regional power struggles.

But what it highlighted was this: By the mid-1920s, oil was no longer just an American commodity—it was a global asset, tightly linked to diplomacy, territory, and emerging national identities.

🔥 EVENT NUMBER THREE – JULY 10, 1973: Nixon Pushes for Alaskan Pipeline

President Richard Nixon, in a press briefing on July 10, 1973, reiterated his support for the Trans-Alaska Pipeline System (TAPS), calling it “an urgent necessity for American energy security.”

His timing was critical—just months before the OPEC oil embargo, when the U.S. learned the hard way how vulnerable it was to foreign supply. TAPS would go on to become one of the most iconic and controversial engineering projects in U.S. energy history, spanning 800 miles from Prudhoe Bay to Valdez.

July 10 reminded us: pipelines are political weapons and economic arteries.

🛢️ EVENT NUMBER FOUR – JULY 10, 2001: BP Acquires Vastar Resources

On this day in 2001, BP finalized the acquisition of Vastar Resources, formerly a spin-off of ARCO, for $4.4 billion—giving BP one of the strongest natural gas portfolios in North America.

This was a pivotal moment as major players began anticipating the gas revolution just ahead of the shale era. The move also marked the early stage of Big Oil hedging toward cleaner-burning fuels, even before carbon pressure reached a regulatory boil.

🧴 PETRO PRODUCT SPOTLIGHT – Inflatable Pool Toys

Today’s plastic flamingos, inflatable rafts, and backyard splash mats? They're all made from PVC (polyvinyl chloride)—a synthetic plastic polymer derived from petroleum-based ethylene.

The softening agents—called phthalates—are also petroleum-derived, giving these products flexibility and durability. So yes, even your kids’ summer fun floats thanks to petrochemical engineering.

🔬DID YOU KNOW? OF THE DAY – "Sour" Crude Contains Sulfur, But Also Value

Many crude oils are classified as “sour” due to their high sulfur content—which makes them more difficult to refine and worse for emissions. But with modern hydrotreating and sulfur recovery units, sour crude from places like Venezuela, Canada, and the Gulf can still be highly profitable.

And here’s the kicker: sulfur is a valuable byproduct used in fertilizers, pharmaceuticals, and even rubber vulcanization. Waste, in oil, is often just another product waiting for a market.

🏞️ COMMUNITY SPOTLIGHT – Farmington, New Mexico

Sitting atop the San Juan Basin, Farmington has been a backbone of natural gas production since the 1920s. Home to multigenerational oilfield families, Farmington fueled WWII production and later helped pioneer coalbed methane extraction.

In the 2000s, it became a proving ground for tight gas technologies and horizontal completions. Today, Farmington is diversifying—serving as a base for carbon storage pilot projects, methane monitoring, and even low-impact helium production.

It’s a town that refuses to fade—evolving, adapting, and still betting on resourcefulness.

🤝 PUBLIC-PRIVATE PARTNERSHIP SPOTLIGHT – Wyoming’s Carbon Valley Initiative

Launched by the Wyoming Energy Authority, this PPP is connecting energy companies, universities, and carbon capture startups to transform the Powder River Basin into a "Carbon Valley"—mirroring Silicon Valley’s model for innovation.

With participants like Basin Electric, Occidental Petroleum, and the University of Wyoming, this coalition is focused on turning CO₂ into products, including cement, plastics, and fuel additives—proof that carbon waste can become commercial wealth when partnerships align with purpose.

💬 PROFESSIONAL QUOTE OF THE DAY

"We drill deep because our future depends on it—not just for oil, but for courage, curiosity, and competition."
— Rex Tillerson, Former Chairman and CEO, ExxonMobil

Tillerson’s quote isn’t just about geology—it’s about mindset. That’s why American oil remains globally dominant: not because we have the most reserves, but because we have the boldness to go after them.

🧭 FINAL THOUGHT – INFRASTRUCTURE IS INTENTION

July 10 teaches us this: gas stations, pipelines, M&A deals, and community partnerships aren’t just physical assets—they’re signals of belief in a future powered by energy independence and technological drive.

From 1913 canopies to Alaskan right-of-ways, from Farmington to the Permian, the American oilfield isn’t just built on rock. It’s built on resolve.

This has been your Petro Playback for July 10, reminding you: there’s no high ground in policy, no safety in supply, and no future without energy foresight.

Until next time—keep your boots dirty, your barrels moving, and your books clean.

Petro Playback prepared and written by Jason Spiess. Spiess is an multi-award-winning journalist, entrepreneur, producer and content consultant. Spiess, who began working in the media at age 10, has over 35 years of media experience in broadcasting, journalism, reporting and principal ownership in media companies. Spiess is currently the host of several newsmagazine programs that air across a 22 radio stations and podcasts worldwide through podcast platforms, as well as a combined Substack and social media audience of over 500K followers.

Connect with Spiess on LinkedIn

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