Volcano, located along the border of Wood and Ritchie counties, was an oil boomtown from 1864 to 1897. The Volcanic Oil & Gas Company started drilling in 1864, and the town was founded in 1870. At its peak, Volcano had homes, schools, hotels, stores, and even an opera house.

Early on, supplies came by wagon, but in 1869, a short-line railroad connected Volcano to the larger rail network. A major fire in 1879 destroyed much of the town, and it was never fully rebuilt. Even though oil production dropped over time, a pipeline replaced the railroad, and oil continued to be pumped for many years. A special cable system was used to pump 50 wells by the late 1800s. Later, that number dropped to 40, and by the 1950s, only 25 wells were still being pumped.