Evidence of the boom in Texas oil wells is proven by images taken by a NASA satellite. The images show glowing dots that form a thick band that can be seen from outer space. The appearance of the band is likened to stars and it forms along the Eagle Ford Shale. These sparkling dots that shine in the darkness are gas flares burning at the oil wells.
The discovery of oil in Texas had very humble beginnings. It was first discovered in 1543 with a siting of oil floating on water in the Galveston Bay area. Ironically, it would be 300 years later that a more economically significant discovery would happen. Between the late 1800's and the early 1900's an oilfield discovery brought Texas into the national oil industry. The greatest impact on Texas was a discovery by the Spindletop well located in Beaumont. This well brought in a whopping 17 million barrels of oil, causing some 500 Texas oil companies to operate at the Spindletop well.
Among these 500 companies were Magnolia Petroleum Company, Exxon, Texaco, U.S.A. and Gulf Oil Corporation. After hearing of the success at the Spindletop well, these companies were prompted to start drilling along the Gulf Coast in hopes of having the same results.
The person considered most responsible for this huge oil peak in Texas, is known world-wide as George Mitchell. He faced some opposing views to his concept that horizontal drilling and fracking would be a way to access fossil fuels possibly trapped underground. Pressing on and ignoring those opposing views has changed the U.S. economy in ways unimaginable. George Mitchell has since passed away at the age of 94.
One Texas community that has been greatly affected by the Texas oil boom is Cotulla. Some years ago Cotulla was a poverty-stricken town that was terribly underserved. It was also the town where Lyndon Johnson taught migrant children prior to his political career. It was expressed by Lady Bird Johnson that Cotulla was "one of the crummiest little towns in Texas." For a long time Cotulla remained in a state of severe poverty until the past few years.
The boom of Texas oil wells has caused the population of Cotulla to triple in size. From 2008-2012 this poor little town's property tax base soared from $52 million to $137 million, then to $4.7 billion throughout the county. Their sales tax receipts rose from $400,000 to $3 million. This phenomenal event has totally changed the impression of the Cotulla community. Now there are funds available for sports venues, new roads and possibly a community college in their future.
Although there is much to be said in a positive light with the tremendous growth evidenced in communities in and around Texas, there are always two sides to every story. An abundance of social issues and concerns have also sprouted from this wonderful oil event. Where there are many young men making grand amounts of money without enough lucrative areas at which to spend it, sex and drug peddlers are highly attractive predators. Also, since the Texas oil boom, traffic accidents have increased by 300 percent. However, with the success experienced by Texas oil wells, the state will continue to thrive.
If you have any questions about oil investing please feel free to call Glenn Texas Oil anytime at: 1(888) 406-1734.