It cost a pittance—as little as $1,000, or less than the cost of opening a well-stocked store—to construct a small refinery and hire hands to run it. By mid-1863, twenty refineries operated in the Cleveland area and shipped a quarter of their kerosene abroad. At first, the profits came in so thick and fast that everybody—big and small, clever and inept—made handsome profits without the fierce winnowing of adversity, the stern lash of marketplace discipline.
