Spindletop Discovery and Its Impact

What significant event occurred on January 10, 1901, in Texas?

• The discovery of gold

• The Spindletop oil strike

• The founding of Houston

• The invention of the telephone

How high did the oil gush into the air during the Spindletop discovery?

• 50 feet

• 75 feet

• 100 feet

• 150 feet

How many barrels of oil were produced per day after the Spindletop discovery?

• 10,000 barrels

• 50,000 barrels

• 100,000 barrels

• 200,000 barrels

Which companies were founded as a result of the Spindletop discovery?

• Exxon and Shell

• Texaco and Gulf Oil

• BP and Chevron

• Mobil and Conoco

What did Howard Hughes Sr. invent to help the oil industry?

• Hydraulic pump

• Rotary drill bit

• Oil tanker

• Offshore platform

In what year did Howard Hughes Sr. create the rotary drill bit?

• 1899

• 1905

• 1909

• 1912

What cycle did the oil industry create in Texas?

• Boom and bust cycle

• Supply and demand cycle

• Growth and decline cycle

• Profit and loss cycle

What happens during a "bust" in the oil industry?

• Oil prices rise

• Job growth occurs

• Prices drop, causing job losses

• New companies are founded

Which city grew into a major business hub due to the oil industry?

• Dallas

• Austin

• Houston

• San Antonio

What was one of the impacts of the Spindletop discovery on Texas?

• Decrease in population

• Development of better roads and schools

• Decline in the economy

• Reduction in oil production