This song was written about six years after the first big discovery in the USA, in the Titusville-Oil Creek area of Pennsylvania. The area was spoken of as an "oil fountain" as noted in verse five. Although oil production was earlier in West Virginia and elsewhere, the first large discoveries in WV were also c. 1859. In the area of Ohio close to Titusville, I believe commercial oil also was found about the same time.
The sheet music was published in Cleveland, Ohio, not far from the area struck by oil fever. Cincinnati also was strongly affected, with oil barges headed towards and through that city. This time period saw the first big gambles by oil speculators.