2. Texas goes from rural to urban
Age of Oil
Texas goes from rural to urban 2

3. Vocabulary
Supply & Demand: relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy
Monopoly: is a situation in which a single company or group owns all or nearly all of the market for a given type of product or service 3

4. Vocabulary
Gusher: an oil well from which oil flows profusely without being pumped.
Boom & Bust: is a process of economic expansion and contraction that occurs repeatedly. (Boom=Positive, Bust=Negative) 4

5. Listen to the “Beverly Hillbillies” Theme Song
Answer the following questions:
What were the 2 names given to oil? 5

6. Describe what’s in the pictures Write 2 to 3 observations
Examine these photos
Describe what’s in the pictures
Write 2 to 3 observations 6

9. A discovery that changed Texas forever
Spindletop
A discovery that changed Texas forever 9

10. Sittin’ on gold--black gold that is
Oil was discovered in Texas by Native Americans.
They found a black substance seeping from certain places in the earth. 10

11. They had several uses for oil such as waterproofing canoes.
However, the potential for this black substance went untapped until…. 11

12. Anthony F. Lucas began drilling in salt dome deposits near Beaumont in October of 1900.

13. Texas was changed forever when Lucas hit a gusher at Spindletop in January,1901.13

14. The Spindletop Oil Field and the oil beneath was a pleasant surprise for Texans.14

15. News of the gusher spread around the world.
New people and new industries came to Texas almost overnight. 15

16. MAJOR OIL AND NATURAL GAS DISCOVERIES, 1900–194016

17. Spindletop ushered in the great oil boom in Texas.
Oil companies and wildcatters, or speculators willing to gamble and drill in places not known for oil, began drilling. 17

18. One such wildcatter was Columbus “Dad” Joiner.
Dad Joiner went broke several times drilling for oil until...
he struck gold in East Texas in 1930. 18

19. Joiner’s discovery became known as the East Texas Oil Field.
In a little over 40 years, this field produced more than 4 billion barrels of oil.
It accounted for 1/10 of the oil produced in the United States. 19

20. Unfortunately, all good things must come to an end.
By the end of 1931, the East Texas field had 3,600 wells.
Only a couple of years later, the field had 26,000 wells.
Sounds good, but... 20

21. in a matter of a few months.
The rapid growth in oil production reduced the price of oil from
$1.10 a barrel to
10 cents a barrel
in a matter of a few months. 21

22. The boom was followed by a bust.
Regulation and discoveries in West Texas helped bring Texas out of this initial bust, but the boom/ bust cycle has continued through the years.
Boom and Bust
Today, petroleum is still key to the Texas economy. 22

23. However...
we have had to diversify our economy and develop other industries so that we are not totally dependent on oil.

24. One such industry is the petrochemical industry.
Petrochemicals are chemicals or products made from oil and natural gas.

25. In closing… Oil Boom Increase in Tx. population Dev. of new industries
Improvements to Tx Transportation

26. Boom Town Articles