Oil Boom and Bust in Texas

By grubea
  • Jun 27, 1543

    Spanish Explorers discover oil in Texas

    Moscoso records the first sighting of Oil, and uses it to seal their ships.

  • Texas Settlers smell oil

    Fredrick Law Olmsted noted a slight oder of sulphurred hydrogen at Sour Lake.

  • First Noatable discovery of Oil In Texas Near Corsicana

  • Oil discovered at Spindletop

    Anthony Lucan and the Hamill Brothers strike the largets Oil discovery in North America at Spindletop.

  • Electra OIl field iscovery

  • Wnd of WWI brings refineries to Houston

  • Birth of the petrochemical indudstry

    Black Carbon plant built on Stephens County

  • Panhandle region becomes a major oil producig region.

  • Daisy Bradford #3 strikes worlds largets oil gusher

    Birth of the East Texas Oil Field.

  • WWII disrupts European oil markets.

    Shortages of workers and steel due to the war cut production in half.

  • Postwar markets increase demand for Texas Oil

    WWII ends causing an increased demand for oil in world markets.

  • Cheep foreign oil arrives in the U.S.

  • Domestic demand for oil drops.

  • Federal government regulates Oil.

    Oli prices rise, but companies dont see the profits.

  • OPEC oil embargo limites oil imports in the U.S.

    U.S. increases drilling to make up for the shortage of foreign oil.

  • U.S. Government begins to restrict oil profits.

    Oil companies reduce production.

  • Brief demand for natural gas.

    Increased drilling on the Gulf Coast.

  • Iran crisis causes U.S. to rely on Texas oil

    Shah of Iran is overthrown limiting the import of oil from Iran. U.S. government de regulates oil production to make up for shortage.

  • OPEC cuts oil proces, causing oil supporting banks in the U.S. to collapse.

    Failure of the largest independent bank in Texas, First National Bank of Midland.

  • Oil prices fall to $7 a barrell

    Additional bust of banks.
  • Period: to

    National oil reserves and production declined.

    Oil production decreased by 2 million barrels a day.