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Petroleum Engineering's honor society, Pi Epsilon Tau, was founded at the University of Oklahoma in 1947. Paul S. Johnson led a group of petroleum engineers who shared a sincere desire to create for the petroleum industry an organization which fosters loyalty, good fellowship and mutual cooperation. The society's objectives are to create a closer bond between its student members and industry, to broaden the scope of activities of members, and to maintain the high ideals and standards of the engineering profession.

New members are inducted into the Omicron chapter each spring. Those who are inducted into Pi Epsilon Tau must meet the minimum G.P.A. of 3.0/4.0, have completed at least 60 credit hours, be pursuing a degree in Petroleum Engineering, and exhibit the outstanding character traits associated with the society.