Wellsville was named after a man named Gardiner Wells, who was, according to local history, the one person who didn't show up for the meeting when the residents were naming the town. Wells was the major landowner of the real estate pieces, now the downtown Main Street section of Wellsville. The first oil boom came later in Wellsville's history, several decades after the founding of the town and village when oil was discovered in Wellsville in 1879 by O.P. Taylor in his famous "Triangle No. 1" well in Petrolia, west of Wellsville. A second boom occurred with the discovery of "Secondary Recovery", led by Bradley Producing, based in Wellsville. The method uses water, so abundant in Wellsville, to force the oil from the "oil sands". The Sinclair Refinery was built in Wellsville at the beginning of the 20th century, not closing down until 1957 after two major fires and falling oil prices.