Essay On Texas Oil Industry

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Texas Oil Industry Introduction The Texas oil boom was a period of dramatic change and economic growth in Texas in the early 20th century. The discovery was revolutionary in an age of rapid regional development and industrialization that has few parallels in U.S. history. Texas became one of the leading oil producing states in the U.S. The nation soon became the top producer of petroleum, and by 1940, Texas dominated U.S. production. Some historians even define the beginning of the world's Oil Age as the beginning of this era in Texas. It all began with the discovery of a large petroleum reserve near Beaumont, Texas. Thesis I believe that this discovery is the single most important piece of Texas history, because it created one of the world’s largest industries, spawning effects that proliferated throughout the culture of Texas and fundamentally changing the way the world does business. The Birth of an Industry In the early days of Texas petroleum development, it was the belief that Texas had little promise of ever gaining prominence in the oil business. Many who were first to express this belief have lived to see the Lone Star State rising to becoming the leading oil producing state. The story of oil development in Texas is one of challenge,…show more content…
S. Supreme Court's dissolution of Standard Oil in 1911. The intense passions that came with the antitrust cases against John D. Rockefeller and the "octopus" have remained to color historical accounts. Much of the resulting literature reflects both the assumptions and the tone of the original dispute between the trustbusters and the defenders of Standard Oil. The reformers' view that the dissolution marked a turning point in the evolution of the modern industry market structure held sway until the 1950s. This was before facing challenge from the careful research of a new generation of "revisionist" business

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