One of the largest and most significant oil strikes occurred near Beaumont, Texas called Spindletop oilfield, that resulted in a gusher of unprecedented volume.
Explanation:
In 1901, Spindletop oilfield resulted the greatest gusher within the United States. One year after the Spindletop, the field produced more than seventeen million barrels of oil.
The over supply of oil resulted the prices drop to 3 cents per barrel, which was less than the price of water in few areas. According to many Historians, this period as a decade of sterility.
Billions of dollars were used for public education in Texas with the discovery of oil. Thus, substantial change and economic growth occurred in the U.S.
