How Oil Built, Ruined, and then Rebuilt Texas

Over the past century, the state of Texas has been an oil superpower that became the driving force of prosperity and dominance both for the people of Texas and the entire United States.

Today, Texas provides 42% of the oil production in the country, which is the US that is also the largest oil producer in the world. To give you an idea of how dominant Texas is in oil production, Texas produces more oil than China, Norway, and Brazil combined.

You might think that this is all great for Texas, but throughout its 100 year history, Texas actually has had a turbulent relationship with oil. This is a state built from stratch by oil, went on to have a massive economic crisis because of oil, and later recovered and went on to have a thriving economy with oil.

So to trace the Texan economic miracle, we need to go back in time and review its long history with oil. How did Texas turn itself from desert plains and remnants of the wild west into a thriving, industrialized state? How did the curse of oil hit the Texan economy hard at a time when the rest of the country was thriving? And finally, how did Texas recover from the crisis and come back better than ever and diversify to other industries while still keeping its oil dominance at the same time?

Music by Epidemic Sound

Stock Footage by Storyblocks

#Texas #Economics #Doverhill

about economics explained, about Finance and how money works, on Texas oil history and Texas economy, This is an economics/finance video