In what ways did the Permian Basin oil industry affect the Texas economy?

By the early 1920's, new wells in the Permian Basin brought statewide attention to the region. Majority of oil discoveries were made in the Northern section of the Permian Basin; Loving, Upton, and Howard counties. Yates Field near Rankin would eventually have 306 oil wells. The production rate in 1928 was 2.5 million barrels of oil daily.

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Explanation:

Essential Power Source

However, oil can produce power for your home all day long, year-round and is highly reliable due to the mature technology that has been developed during the many, many years of production. The vast reserves of Texas oil gives the U. S. less dependence on foreign oil.