Texas Oil Impact Flashcards
History
What significant event marked the arrival of the 20th century in Texas?
The discovery of oil at Spindletop, resulting in a 100-foot geyser of mud and oil
This event occurred on a chilly January day in 1901.
What is the precise term for the oil discovered at Spindletop?
Petroleum
Where does oil typically lie beneath the earth’s surface?
Hundreds or thousands of feet below the surface
Why is petroleum considered valuable?
It is a powerful source of energy and can be made into products like gasoline, natural gas, and kerosene
What was a consequence of the oil discovery at Spindletop for Texas’s economy?
The pace of oil discovery quickened across the state
What challenges did oil prospectors face during the early days of drilling?
They drilled more dry holes than wet ones and many went broke hiring skilled workers and roustabouts
Who was H. L. Hunt?
An oil tycoon who made his fortune in East Texas and became the wealthiest man in America
What role did oil play in the Texas economy during the 1920s and 1930s?
It became the economic engine of Texas
What happened to oil prices as more oil was discovered in Texas?
Supply went up and prices went down
How did cheap oil and asphalt affect the auto industry?
They fueled the booming auto industry and related sectors like highway construction and gas stations
