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From Wikipedia, the free encyclopedia
Petroleum, or oil, has been one of the most important economic resources in the history of the U.S. state of Texas. It was, in fact, instrumental in transforming Texas from a relatively unpopulated, rural region into one of the most populous and wealthiest states in the nation.
![A black-and-white photograph showing a field of oil derricks and thin wooden boardwalks built over the water.](http://upload.wikimedia.org/wikipedia/commons/thumb/9/92/GooseCreekFieldPart1919.jpg/320px-GooseCreekFieldPart1919.jpg)
One of the first significant wells in Texas was developed near Nacogdoches in 1866. In 1894 the oil field near Corsicana became the first economically significant petroleum discovery. Texas' first refinery was built soon after in 1898. It was, however, the discovery of a field at Spindletop near Beaumont that began a period known as the "Oil Boom".
The discovery at Spindletop and others near the Texas Gulf Coast were among the largest the world had ever seen. During the first half of the 20th century Texas became the leading producer of petroleum in the United States and the U.S. became the leading producer in the world. Texas expanded dramatically during this period both in terms of its population and its economy. By the end of World War the city of Houston had broken into the top 20 cities nationwide. The leaders of Texas' petroleum industry became nationally influential.
As petroleum production in the U.S. peaked in the late 1960s and problems in the Middle East led to an energy crisis during the 1970s, the price of oil skyrocketed. Texas once again entered a boom period led by its oil industry.