Oil Industry Concepts and History

The video narrates the story of Pattillo Higgins and the discovery of oil at Spindletop, Texas, which sparked a major oil boom. It discusses the economic impact of the boom, the subsequent bust, and the industry's expansion through vertical and horizontal integration. The transition from kerosene to electricity and the rise of automobiles are also highlighted, showcasing the evolving energy landscape.

Who was the key figure in the discovery of oil in Corsicana, Texas?

• Henry Ford

• John D. Rockefeller

• Pattillo Higgins

• Thomas Edison

What was the name of the famous oil field discovered in Beaumont, Texas?

• Corsicana

• Permian Basin

• Spindletop

• Eagle Ford

What term describes towns that rapidly grew due to oil discoveries?

• Ghost towns

• Boom towns

• Metropolises

• Villages

Who were the risk-takers that invested in oil drilling during the boom?

• Politicians

• Farmers

• Wildcatters

• Bankers

What happens to oil prices during a bust cycle?

• They increase

• They stabilize

• They remain unchanged

• They decrease

What is vertical integration in the oil industry?

• Investing in renewable energy

• Merging with other oil companies

• Controlling all stages from production to sale

• Owning multiple oil fields

What energy source began to replace kerosene lamps?

• Natural gas

• Wind energy

• Electricity

• Solar power

What engine type increased the demand for oil?

• Steam engine

• Electric engine

• Internal combustion engine

• Hydraulic engine

Which industry saw a significant rise due to the internal combustion engine?

• Agriculture industry

• Textile industry

• Automobile industry

• Railroad industry

What was a major factor in the Texas oil boom?

• Gold mining

• Timber industry

• Petroleum demand

• Coal production