Wildcatter
Encyclopedia
A wildcatter is an American term for a person who drill
s wildcat wells, which are oil well
s drilled in areas not known to be oil field
s. A wildcatter notable for his success was Texan oil tycoon
Glenn McCarthy
.
The term dates from the early oil industry in western Pennsylvania
. For instance, the Titusville
Herald noted in 1880:
One explanation of the term is that it derived from wildcat banking
and came to be applied to risky oil ventures. Another explanation is that wildcat wells were drilled far from existing settlements, where only wildcat
s lived. But wildcat was American slang for any risky business venture by 1838, long before the petroleum industry.
Drilling rig
A drilling rig is a machine which creates holes or shafts in the ground. Drilling rigs can be massive structures housing equipment used to drill water wells, oil wells, or natural gas extraction wells, or they can be small enough to be moved manually by one person...
s wildcat wells, which are oil well
Oil well
An oil well is a general term for any boring through the earth's surface that is designed to find and acquire petroleum oil hydrocarbons. Usually some natural gas is produced along with the oil. A well that is designed to produce mainly or only gas may be termed a gas well.-History:The earliest...
s drilled in areas not known to be oil field
Oil field
An oil field is a region with an abundance of oil wells extracting petroleum from below ground. Because the oil reservoirs typically extend over a large area, possibly several hundred kilometres across, full exploitation entails multiple wells scattered across the area...
s. A wildcatter notable for his success was Texan oil tycoon
Business magnate
A business magnate, sometimes referred to as a capitalist, czar, mogul, tycoon, baron, oligarch, or industrialist, is an informal term used to refer to an entrepreneur who has reached prominence and derived a notable amount of wealth from a particular industry .-Etymology:The word magnate itself...
Glenn McCarthy
Glenn McCarthy
Glenn Herbert McCarthy was a wildcatter and a charismatic oil tycoon. The media often referred to him as "Diamond Glenn" and "The King of the Wildcatters". McCarthy was an oil prospector and entrepreneur who owned many businesses in various sectors of the economy...
.
The term dates from the early oil industry in western Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
. For instance, the Titusville
Titusville, Pennsylvania
Titusville is a city in Crawford County, Pennsylvania, United States. The population was 6,146 at the 2000 census. In 1859, oil was successfully drilled in Titusville, resulting in the birth of the modern oil industry.-History:...
Herald noted in 1880:
- "The discovery of the fluid in New York State was the signal for a general exodus of wildcatters from all parts of the oil country ..."
One explanation of the term is that it derived from wildcat banking
Wildcat banking
Wildcat banking refers to the unusual practices of banks chartered under state law during the periods of non-federally regulated state banking between 1816 and 1863 in the United States, also known as the Free Banking Era...
and came to be applied to risky oil ventures. Another explanation is that wildcat wells were drilled far from existing settlements, where only wildcat
Wildcat
Wildcat is a small felid native to Europe, the western part of Asia, and Africa.-Animals:Wildcat may also refer to members of the genus Lynx:...
s lived. But wildcat was American slang for any risky business venture by 1838, long before the petroleum industry.