In 1849 Sacramento Valley, California, it was gold. In 1901 Spindletop, Texas, it was black gold. And now, thanks to advances in hydraulic fracturing (commonly called “fracking”) of rock formations to enable access to crude oil and — the Eagle Ford Shale region of South Texas is already producing another energy boom for the Lone Star State.
According to the Texas State Historical Association, Spindletop ultimately produced some 153 million barrels of oil. But the overnight boom strained the little town of Beaumont, Texas, from 10,000 to 50,000 residents, with some 500 Texas corporations doing business in Beaumont by 1902. Total expected production for Eagle Ford is at least several times that amount, making it one of the hottest energy resource plays in the world. Read More