The Petroleum Research Fund (PRF) is an endowment fund administered by the ACS that supports advanced education and fundamental research in the petroleum and fossil fuel fields at non-profit institutions. Several categories of grants are offered for various career levels and institutions. The fund awarded more than $25 million in grants in 2007.
The PRF traces its origins to the acquisition of the Universal Oil Products laboratory by a consortium of oil companies in 1931.The companies established a trust fund, The Petroleum Research Fund, in 1944 in order to prevent antitrust litigation tied to their UOP assets. The ACS was named the beneficiary of the trust. The first grants from the PRF were awarded in 1954. In 2000, the trust was transferred to the ACS. The ACS established The American Chemical Society Petroleum Research Fund and the previous trust was dissolved. The PRF trust was valued at $144.7 million in December 2014.