The important name obscures Oil City's minor role in the development of the petroleum industry. In 1852, Charles Tripp owned the land where Oil City was eventually built. The property alternated between government control and ownership by oil speculators. In 1873, the Canada Southern Railway constructed a line just north of the present village. Stores, a grain warehouse, blacksmith shops, a hotel and a stave mill were built to capitalize on the anticipated boom but great prominence was never achieved. The oil bearing formations by-passed Oil City so no commercial production was possible. The lumber business slowed as the surrounding forest was depleted and heavy industry preferred the St.Clair river shore. Today, Oil City has become a residential community due to its convenient location at the intersection of highways 21 and 80. The oldest remaining building in Oil City is the United Church at the corner of Shamrock and Main Streets. It was built in 1880 by Methodist parishioners.