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Jul 14, 1543
Early Oil Discoveries
The presence of natural oil seeps in Texas had been known for hundreds of years before Europeans arrived in the area. Indians in Texas are said to have told European explorers that the substance had medicinal uses. In July 1543, the remnants of Spanish explorer Hernando de Soto's expedition, led by Luis de Moscoso Alvarado, were forced ashore along the Texas coast between Sabine Pass and High Island. -
Spindletop
Spindletop is a salt dome oil field located in the southern portion of Beaumont, Texas in the United States. The Spindletop dome was derived from the Louann Salt evaporite layer of the Jurassic geologic period.[1] On January 10, 1901, a well at Spindletop struck oil ("came in"). The new oil field soon produced more than 100,000 barrels (16,000 m3) of oil per day.[2] Gulf Oil and Texaco, now part of Chevron Corporation, were formed to develop production at Spindletop. -
Goverment Tax On Oil
Another change brought about by the discovery of oil was the enrichment of the state treasury after the legislature authorized an oil-production tax in 1905. The first full year the tax was collected, the public coffers swelled by $101,403. By 1919, the revenue from the oil-production tax was more than $1 million; by 1929, it was almost $6 million. In 1996, the last year for which we had figures at press time, it was just short of $376 million for the fiscal year. -
East Texas
In October 1930, the Daisy Bradford No. 3 well blew in near Turnertown and Joinerville in Rusk County, opening the East Texas field, the biggest field of all. Veteran wildcatter C.M. (Dad) Joiner drilled the well on land long rejected by major companies' geologists as not worthy of their efforts. The biggest leasing campaign in history ensued, and the activity spread to include Kilgore, Longview and many points north. Overproduction soon followed, as oil derricks sprouted thick as bamboo all ove
