The discovery of oil at Spindletop on January 10th, 1901 resulted in an unprecedented economic boom. The vast amount of oil found in Texas would prove to be more than sufficient to power America for many decades. This discovery had a profound impact on Texas culture, lifestyle, and business. The book “Oil In Texas” demonstrates how the country shifted from being primarily agricultural to becoming heavily industrialized after the discovery of oil in Texas. The introduction of a new law called “Capture” meant that whoever produced the oil would own it. If one did not produce oil, someone else would step in to fill that role. This law had significant consequences, as production often declined rapidly after an initial period of success. This reality led to cautious lending practices, as bankers understood that it was unwise to base loans solely on oil production. The volatile nature of the industry, with its cycles of boom and bust, caused oil prices to fluctuate wildly. When new oil fields were discovered, local markets became saturated with oil, leading to lower prices and increased affordability.However, when oil production decreased, prices would increase significantly, resulting in businesses becoming unprofitable. Pattillo Higgins, the person mentioned previously, was willing to face the challenge of oil production head-on. Readers may be unfamiliar with Higgins and a brief introduction would be helpful.
The discovery of oil in Texas had a significant impact on the economy and culture of the state. The industry grew rapidly, from East Texas all the way to Pennsylvania. The oil from East Texas played a crucial role in powering America’s industrial war machine, giving our troops an advantage in the war. The determination and patriotism of Texans were instrumental in this achievement, which took only a few years. Without the energy source provided by East Texas, America would have failed. This economic boom not only transformed Texas but also had lasting consequences on its culture, businesses, and lifestyle. It propelled America forward, making it a leading nation and transitioning from an agricultural to an industrial power at a faster pace than expected.
