OIL BOOM

The spindle top strike on January 10, 1901 was the start of the oil boom in Texas. Anthony Lucas was the first to hit oil in Texas at spindle top. News of the gusher spread around the world. People and new industries came to Texas almost overnight. The oil derricks were so close together that you could walk from derrick to derrick without ever touching the ground. Oil also changed the economy, because the discovery of oil at spindle top brought economic changes to Texas. Oil companies grew in large numbers, and cities grew around oil factories.

The oil boom also provided  many jobs. Boom towns were near oil fields which  drew thousands of people to nearby towns. The boom towns were also very crowded, dirty, and rough. Spindle top ushered the great oil boom in Texas. Oil companies and wild catters, or speculators willing to gamble and drill in places not known for oil began drilling. Unfortunately, all good thing must come to an end. But only a couple of years later. the field had less wells then the beginning of the oil boom. the rapid growth in oil production reduced the price of  oil from $1.10 a barrel to .10 cents a barrel in a matter of a few months.

Regulation and discoveries in west Texas helped bring Texas out of this initial bust, but the boom/bust cycle has continued through the years. However we had  to diversify our economy and develop other industries so that we are not totally dependent on oil.

The growth of the oil industry in Texas helped other related industries grow. petrochemicals are chemical products made from oil and natural gas here are some examples of different products: credit card, tent, skateboard, money, lipstick, wallet.

population growth and the growth of many prosperous cities.

A positive impact by providing money for paving roads, building schools, pipes for sewage and the most important one is it creates thousands of jobs for people.

Also there is a political impact involvement of the Texas railroads commission set limits to regulate and control prices.

 

Comment Stream