History of the oil shale industry in the United States Act of 1985 which among other things abolished the United States' Synthetic Liquid Fuels Program. Union finally bowed to continued low oil prices and closed the project in 1991, rather than complete the US$2 billion project. Over several decades, some of the world's largest oil companies (Amoco, Arco, Chevron, Exxon, Gulf, Phillips, Shell, Sohio, Sunoco, Texaco, Union Oil) had spent billions of dollars to start an oil shale industry in the Green River Formation, the world's largest oil shale resource. But in the end, cheap petroleum prices drove oil shale out of business. Even after the oil shale bust, some
History of the oil shale industry in the United States end of 1859. The magazine said that the rush to establish coal-oil works resembled “a mania,” and attributed it to the “impetuous energy” of the American people. In the mid-1850s, whale-oil dealer Samuel Downer Jr. bought the near-bankrupt United States Chemical manufacturing company of Waltham, Massachusetts. The firm manufactured lubricating oil from coal, but the oil sold poorly because of its strong odor. With Downer’s financial backing, the firm perfected its lubricant. After a company chemist returned from a visit to the Scottish oil shale region, the firm switched emphasis to lamp oil, which it manufactured at Waltham, as well