The Oil Boom of 1930
In 1930, a 70-year-old Alabama native drilled an exploratory well in East Texas. Though his crew was relatively rag-tag and inexperienced—his driller was the only experienced oil man, and the rest were out-of-work farm hands—Columbus Marion (Dad) Joiner was a man with high aspirations for finding "black gold" in Rusk County. Fast forward to Oct. 3, 1930, as 8,000 people—many skeptics—witnessed Joiner's team drill down over 3,500 feet on a 975-acre Texas farm. Unfortunately, it was much later that day before Joiner and his crew struck oil, much too late for the majority of the crowd that had already left. More unfortunate for Mr. Joiner were the oversold shares that thoroughly cemented the dreamer from Alabama in several lawsuits, before a wealthy Texas oil man bought his interests and saved Joiner from assured economic destruction.
Columbus Marion (Dad) Joiner left East Texas as a social and economic hero, but not a wealthy oil tycoon as he had probably hoped would be the case. The subsequent oil boom—considered one of the greatest economic achievements in U.S. history—was a large source of funding for WWII, and led to a significant post-war economic boom, making Mr. Joiner a man for the history books.
For more information on the East Texas Oil Boom, please check out the Depot Museum and East Texas Oil Museum Online.
Tags: 1930, east texas oil, economic boom, economy, energy, oil, texas energy, texas oil



