Texas Oil Industry
by Cat , Sam , and Weston
History of Spindletop and Oil Boom
On January 10, 1901 an oil geyser exploded on Spindletop Hill, a hill made by an underground salt dome slowly moving upward, near Beaumont, TX. Many gas stations today can trace their roots back to this hill including the following: Texaco, Exxon, Etc.
The oil boom caused many citizens of America to become very wealthy. Land owners, oil drillers, company owners, steal manufacturers, and many others profited greatly from the boom. Land prices skyrocketed, supplies was bought, and oil was drilled.
Modern Day Oil Industry In Texas
The oil companies in 2013 such as Chevron, ConocoPhilips, Exxon, Mobil, and Shells financial reports show that combined they made 93 billion dollars total. As their own companies BP made 13.4 billion, Chevron made 21.4 billion , ConocoPhillips made 9.2 billion; Exxon made 32.6 billion, Shell made 16.7 billion, and total they made 93.3 billion as I said above.
The Effect on Texas from Oil
One Social effect from oil brought on Texas was the Gulf Oil Spill it affected many people that live along the coast and made many animals habitats not useable anymore. An economic effect on Texas from oil was the stock market if someone had land with oil under it they automatically extremely wealthy because people would spend a lot more money on land with oil to drill under or the owner could simply drill oil themselves. Another social effect from oil would be the fact that everyone is moving to Texas buying expensive land to try and drill for oil to be wealthy. Everyone that came to Texas to try to drill for oil had one goal to grow filthy stinkin' rich. For the last effect oil had Texas Economically, They had many companies buy out land to drill for oil and soon try to become the biggest oil provider in the industry