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First oil workers at Spindletop Hill in Beaumont, Texas (Getty)
First oil workers at Spindletop Hill in Beaumont, Texas (Getty)
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Dale’s Daily Data: First Texas Oil Well

It all began with a huge gusher near Beaumont, Texas.  Black gold.  Texas “T”.  It was a gusher of oil that took 9 days to cap and with it began the American oil industry – the world’s first trillion dollar industry.  A Texas businessman, who was also an amateur geologist was convinced there was a huge pool of oil in an area south of Beaumont.  He and several partners spent years drilling in an area called Spindletop but gave up. 

Then along came mining engineer Anthony Lucas who figured it wasn’t a case of where to drill.  Just drill deeper and sure enough he was right. 

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Getty Images
Getty Images
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$4 Per Gallon For Gas!

Been hearing lots of rumors over the past couple of months about gas hitting four dollars per gallon this year.  Looks like the rumors will become reality.

http://finance.yahoo.com/news/Oils-surge-in-2010-paves-the-apf-1258480888.html?x=0

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