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The Texas oil boom, sometimes called the gusher age, was a period of dramatic change and economic growth in the U.S. state of Texas during the early 20th century that began with the discovery of a large petroleum reserve near Beaumont, Texas.
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
Prior to Spindletop, oil was primarily used for lighting and as a lubricant. Because of the quantity of oil discovered, burning petroleum as a fuel for mass consumption suddenly became economically feasible. The frenzy of oil exploration and the economic development it generated in the state became known as the Texas oil boom. The United States ...
Industrial storage tanks border a strip of land known as McGloin's Bluff, which faces Corpus Christi Bay, on April 15, 2023, in Ingleside Texas. The land is owned by oil exporters Enbridge in ...
When you’re known as the energy capital of the world, oil busts are nothing new. Like in other cities, the coronavirus has shut down much of Houston’s economic activity, slashing thousands of ...
The Spindletop-Gladys City Boomtown Museum is located in Beaumont, Texas, to commemorate the discovery of oil at the Spindletop Hill salt dome in Beaumont on Jan. 10, 1901. The discovery sparked an oil boom in Texas that continues today. Along with a gift shop with commemorative gifts, the museum features historical, period reenactments by area ...
An investigation is underway into the fatal chemical leak at a Houston area oil refinery owned by Mexico's state oil firm Pemex, the company's top executive said on Friday. Pemex, as Petroleos ...
The major oil-producing regions of the U.S.—Texas, Oklahoma, Louisiana, Colorado, Wyoming, and Alaska—benefited greatly from the price inflation of the 1970s as did the U.S. oil industry in general. Oil prices generally increased throughout the decade; between 1978 and 1980 the price of West Texas Intermediate crude oil increased 250 ...