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Chapter 23:  The Oil Boom Section 2:  The Growth of the Oil Industry
Wildcatters & New Oil Fields <ul><li>Wildcatters —explorers who worked on their own when searching for new oil fields </li...
Wildcatters & New Oil Fields <ul><li>1893:  Oil first discovered at Sour Lake </li></ul><ul><li>1902:  first big strike oc...
Wildcatters & New Oil Fields <ul><li>Overdrilling led to a drop in pressure, making further drilling difficult </li></ul>
Wildcatters & New Oil Fields <ul><li>Oil fields have been discovered  in many parts of the state. </li></ul><ul><li>1903: ...
Wildcatters & New Oil Fields <ul><li>1921:  Oil discovered in Panhandle </li></ul><ul><li>1921:  Oil discovered in Permian...
Wildcatters & New Oil Fields <ul><li>Geologists claimed there was little oil in East Texas </li></ul><ul><li>1930:  Wildca...
Oil Business Is Big Business <ul><li>Natural gas discovered alongside oil </li></ul><ul><li>In early days, operators burne...
Oil Business Is Big Business <ul><li>First gas pipeline between Wichita Falls & Petrolia </li></ul><ul><li>Vertical Integr...
Oil Business Is Big Business <ul><li>The Texas Company  used vertical integration </li></ul><ul><li>Horizontal Integration...
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TX History Ch 23.2

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TX History Ch 23.2

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

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