We commemorate yesterday because on January 10, 1901, the Spindletop Field located at Beaumont, Texas struck oil. This was a major first for the nation because up to this point no other oil well became as productive: the new oil field began producing more than 100,000 barrels per day. Oil prices dropped to 3 cents a barrel. Gulf Oil and Texaco (now a part of Chevron) jointly developed the field.
The oil was found at a depth of 1139 feet and gushed up to over 150 feet. It took over 9 days to control the new gusher. Beaumont's population of 10,000 mushroomed to over 30,000 in 3 months.
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