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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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  • 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

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?