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Texas’ Oil Industry

Texas’ Oil Industry. Chapter 20. Petroleum. Petroleum : Oil found deep in the earth that is refined as fuel Reserve : A natural resource known to exist but not yet used. Spindletop. Anthony Lucas leased land to find oil at Spindletop Hill near Beaumont , TX.

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Texas’ Oil Industry

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  1. Texas’ Oil Industry Chapter 20

  2. Petroleum Petroleum: Oil found deep in the earth that is refined as fuel Reserve: A natural resource known to exist but not yet used

  3. Spindletop Anthony Lucas leased land to find oil at Spindletop Hill near Beaumont, TX. In 1901, he hit the largest oil reserve the world had ever seen. The Spindletop gusher shot oil over 100 feet for 9 days.

  4. Oil Boom Boom: A time of great economic growth The discovery at Spindletop began the 1st of many oil booms in Texas.

  5. Effects of Spindletop • Land prices in the area went up. • One man who tried selling his land for 3 years for $150 sold it for $20,000. 15 minutes later, the buyer resold it for $50,000. • Beaumont’s population grew from 10,000 to 50,000 in only a few months.

  6. Effects of Spindletop 600 oil companies were created, including Texaco & Mobil. Oil replaced lumber as the #1 Texas industry, producing millions of gallons a year.

  7. Cost of Oil • Spindletop produced so much oil that it sold for only 3¢a barrel in 1901. • Today, a barrel of oil costs $93.05. • As a result, demand for oil increased & drilling expanded all over Texas.

  8. Boomtowns Boomtown: A town that experiences a major increase in population due to rapid economic growth As oil drilling increased, boomtowns grew around successful wells. These areas quickly grew with a large urban population.

  9. Refineries Refinery: A plant where raw petroleum is purified & made into gasoline Refineries were built near oil fields. By 1925, there were 80 refineries in Texas.

  10. Texas Railroad Commission To control the price of oil, the Texas & U.S. governments set up the Texas Railroad Commission to regulate the amount of oil that producers could supply.

  11. Transportation The oil boom led to the development of the automobile, which was first seen in Texas in 1900. This led to an improvement in roads & the building of highways, motels, restaurants & gas stations.

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