The oil boom and bust era
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The Oil Boom and Bust Era. The Essentials. Spindletop. First major oil find in Texas Discovered in Beaumont, Texas 1901 Signaled the start of the Texas petroleum industry/oil boom Discovered by Anthony Lucas, who had been hired by Patillo Higgins.

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The Oil Boom and Bust Era

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The oil boom and bust era

The Oil Boom and Bust Era

The Essentials


Spindletop

Spindletop

  • First major oil find in Texas

  • Discovered in Beaumont, Texas 1901

  • Signaled the start of the Texas petroleum industry/oil boom

  • Discovered by Anthony Lucas, who had been hired by Patillo Higgins


The oil boom and bust era

Question:If you had property in Beaumont, Texas in 1901, what would you have done with it after you heard about the discovery at Spindletop?Discuss this with a table partner.


The east texas oil field

The East Texas Oil Field

  • 1930, Columbus M. “Dad” Joiner discovered the richest oil supply in history

  • He discovered an oil field in East Texas near the town of Henderson

  • This discovery (supply) of oil was so large, that it drove the price of it (demand) so low, the U.S. government had to regulate how much was produced.

  • This discovery led to statewide drilling.


Effects of oil boom petroleum industry

Effects of Oil Boom/Petroleum Industry

  • Created towns near the oil finds.

  • Industries to support the drilling for oil were also created.

  • People from all over the U.S. and the world immigrated to Texas to work in the oil fields

  • This greatly helped the Texas economy

  • Towns such as Odessa, Kilgore, and Tyler experienced rapid growth as people came to work and live there.


Effects continued

Effects, continued

  • The discovery of oil and development of the petroleum industry in Texas initially led the rest of the U.S. and the world to depend on Texas for its fuel needs.

  • Now that petroleum products are produced globally, Texas and the rest of the world depend on one another (interdependence) to meet energy needs.

  • There are also concerns about the possible negative effects of the petrochemical industry on the environment in Texas.


Effects continued1

Effects, continued

  • Our economy is very dependent on petroleum products.

  • Work with your table partners to complete the handout grid on petroleum products.


Side effects

Side Effects

  • Transportation changed. Automobiles became common. As a result, road quality improved.

  • Culture and education improved. For example,the University of Texas and Texas A&M received millions of dollars per year from the profits of the oil industry. (Permanent Fund)

  • Amon G. Carter, who founded the Star-Telegram newspaper, also started a foundation that built and currently operates the Amon G. Carter Museum in Fort Worth. Admission started out and still remains free to all.


In the news

In The News…

  • Certainly you have noticed what has recently been happening with conflicts in the Middle East ( Egypt, Libya, Iraq, Iran, etc.)

  • What effects have the conflicts in these areas had on the petroleum industry?

  • Discuss this with a table partner.


So what s next

So, What’s Next????

  • If the supply of oil decreases, for WHATEVER reason…

  • Example: If the price of gas goes too high, what effect would that have on the auto industry?

  • What changes in the energy industry could occur?


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