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TX History Ch 23.2
 

TX History Ch 23.2

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    TX History Ch 23.2 TX History Ch 23.2 Presentation Transcript

    • Chapter 23: The Oil Boom Section 2: The Growth of the Oil Industry
    • Wildcatters & New Oil Fields
      • Wildcatters —explorers who worked on their own when searching for new oil fields
      • Wildcatting risky because many independent operators went bankrupt after drilling a few wells.
    • Wildcatters & New Oil Fields
      • 1893: Oil first discovered at Sour Lake
      • 1902: first big strike occurs
      • 1903: 150 oil wells at Sour Lake
    • Wildcatters & New Oil Fields
      • Overdrilling led to a drop in pressure, making further drilling difficult
    • Wildcatters & New Oil Fields
      • Oil fields have been discovered in many parts of the state.
      • 1903: North Texan W.T. Waggoner struck oil while drilling for water
      • 1919: oil field produced 31.3 million barrels of oil
    • Wildcatters & New Oil Fields
      • 1921: Oil discovered in Panhandle
      • 1921: Oil discovered in Permian Basin region of West Texas
      • Little oil discovered in South & Central Texas
    • Wildcatters & New Oil Fields
      • Geologists claimed there was little oil in East Texas
      • 1930: Wildcatter discovers oil in East Texas
      • East Texas oil field one of largest in world
    • Oil Business Is Big Business
      • Natural gas discovered alongside oil
      • In early days, operators burned huge quantities of natural gas just to get rid of it.
      • Could not be widely used before 1890s because there was no way to get it to market safely.
    • Oil Business Is Big Business
      • First gas pipeline between Wichita Falls & Petrolia
      • Vertical Integration —owning the businesses involved in each step of a manufacturing process
    • Oil Business Is Big Business
      • The Texas Company used vertical integration
      • Horizontal Integration —owning many businesses in a particular field