On this day in 1846, a fire began in a hat store on Nantucket's Main Street. In no time, it raced through town, consuming everything in its path. Barrels of whale oil were stored on the wharves; when the fire reached them, they burst into flames. The burning oil flowed into the water, creating what one man described as "a sea of fire." Seven hours later most of the town's commercial area lay in ashes. Some 250 buildings had been destroyed — almost all the markets and shops, seven factories that processed whale oil, a dozen warehouses, three of the town's four wharves, and many homes. The fire had lasting consequences: it contributed to the demise of Nantucket as the world capital of the whaling industry.