The Texas Oil Boom

Current and histiorical facts.

Spindletop

Pattillo Higgins saw an unusual hill outside of his town and thought there might be oil under it. He starts a company and starts drilling. After several failed he resignsfrom the company. An ad by Higgins caught the attention of a salt dome expert named Anthony Lucas. He began drilling in October, 1900. On January 10, 1901, Lucas hit the largest reserve of oil the world had ever seen. When the Lucas rig hit oil, six tons of 4-inch drilling pipe shot from the ground with tremendous force. Oil shot more than 100 feet into the air for 9 days until the well was capped. right is the spindletop well after it struck oil but before it was capped.

economic effects of oil

oil created more jobs for texans.

oil and the increase in jobs created more boom towns. there would not be a lot of towns and cities would not be here without the oil industry.

oil became very important in the stock market and plantations in and around the coast.

The modern day oil industry

in 1903 a barrel of oil cost 3 cents. now a days (as in 2014) a barrel of oil cost $85.60. modern day oil cost so much because there isn't as much oil as back then.The cost to fill a car tank would take around $60. (right is an oil factory).