BOOM THEN BUST The oil town--Pithole, Pa. Pithole, PA         Pithole, PA  is  a n example of just how quickly a particular location could go boom and bust.    In January of 1865 a farm on Pithole Creek sold drilling rights for $100,000.    By the end of December 1865, Pithole, PA was a city of 15-20,000 people (estimates vary)!    It boasted the third busiest post office in Pennsylvania, 54 hotels, almost as many brothels, a large theater and numerous saloons and boarding houses.      In October 1865   Pithole was also the site of the first oil pipeline.      By December 1866, only a few thousand people were left.        Six years later, Pithole was a ghost town. Oil wells in Pennsylvania in 1862    Notice how close the wells are. The wood barrels are to store oil, but a standard barrel size had not yet developed.      ...