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James McClurg Guffey was born in Sewickley township, Pennsylvania, United States on January 19, 1839, seventh of the nine children of Alexander and Jane (Campbell) Guffey. His father, an operator of salt works and an early user of natural gas, was a descendant of William Guffey who came to Pennsylvania in 1738 and twenty years later was a member of the pioneer English settlement in Westmoreland County.
James went to the “Old Sulphur Springs” school. Later he attended the Iron City Commercial College, a pioneer commercial school in Pittsburgh.
At the age of eighteen James McClurg Guffey entered the office of the superintendent of the Louisville & Nashville Railway at Louisville, Kentucky, as a clerk. He was next employed by the Adams Express Company in Nashville, Tennessee.
In 1872 he returned to Pennsylvania and became a salesman of oil-well machinery and supplies at St. Petersburg in Clarion County for the Gibbs & Sterrett Company. This work gave him a large acquaintance in the newly developed oil regions and taught him a great deal about oil and its future possibilities. He accordingly leased land and began to drill.
In 1875 he went to the Bradford oil region where later the town of Guffey in McKean County was named for him.
In 1880, together with John H. Galey, he organized the firm of Guffey & Galey. He settled at Titusville, drilling the famous Matthews and Lucas gushers—the latter with a daily capacity of eighty thousand barrels.
With Galey he opened pools in Pennsylvania and West Virginia; at one time they were the largest producers in the former state and operated in every oil-producing center. Guffey himself became one of the largest, if not the largest, individual landowner, producer, and operator in the United States.
The firm’s rich Kansas holdings, consisting of 243, 000 acres under lease, were transferred to the Forest Oil Company, then a Standard Oil subsidiary. An additional holding of a million and a half acres in the same state was never developed.
The Magnolia Petroleum Company purchased the Texas holdings of Guffey & Galey and became one of the largest producers in that region. The partners organized another firm, the J. M. Guffey Petroleum Company with a capital of $15, 000, 000, for the purpose of building the first pipe lines and refinery in the South Texas region.
This company later became a valuable part of the Gulf Refining Company. In 1900 the firm held a blanket lease on 186, 000 acres of the Osage nation in the Indian Territory which it later sold for $1, 250, 000 to T. N. Barnsdall.
Among the famous pools associated with the names of Guffey and Galey were the Spindletop in Texas, the Coalings in California, the Sand Fork and the Kyle in West Virginia, and the McDonald in Pennsylvania. The kindred fields of gas and coal also won Guffey’s interest. In 1883 he turned his attention to the newly discovered natural-gas territory in the Pittsburgh district and opened up many fields.
James McClurg Guffey became vice-president of the Westmoreland & Cambria Natural Gas Company and of the Wheeling Natural Gas Company; president of the Southwest Natural Gas Company, Bellevue Natural Gas Company, and the United Fuel Gas Company - all the pioneers.
He had gold- and silver-mining interests in Idaho, mining and real-estate holdings in Colorado, Florida, Nova Scotia, and coal lands in Pennsylvania and West Virginia.
Although singularly successful in oil, because of his real- estate holdings he was hard hit in the panic of 1907.
His friend Galey, who was in Alaska when the disaster befell him, came to his rescue to the best of his ability and although rated a multi-millionaire at the time, he died, as did Guffey, a relatively poor man.
His firm Guffey & Galey was one of the most courageous firms in oil history. He also opened pools in Pennsylvania and West Virginia. Also he established the Gulf Oil Corporation, of which he sold his intrests to the Mellons. During his career he took posts of vice-presidents and presidents of several prospective companies.
Guffey’s other great interest was in the field of politics. He began his long period of service in the Democratic party at the age of twenty- seven as city clerk in Pithole City, a small oil town in Venango County. In 1878 he made an unsuccessful race for Congress, but thereafter sought no office, refusing the nomination for governor of Pennsylvania in 1898. In 1897, however, he was elected by the state committee as a member of the Democratic National Committee, and he held this important office from 1898 to 1908 and from 1912 onward. He opposed William Jennings Bryan in the latter’s third campaign for the presidential nomination, and as a delegate to the Democratic National Convention at St. Louis in 1904 helped to nominate Judge Alton B. Parker. He was also opposed to the nomination of Woodrow Wilson. In his own state he was highly esteemed as an adviser and observer, and served for eight years on Gov. Pattison’s staff.
Guffey was married in 1887 to Nancy Elizabeth Cook. They had one child, a daughter.
