Item Info
Source: Print and Picture Collection
Notes:
"The fear that American oil reserves were nearly exhausted ended abruptly in 1924, with the discovery of enormous new oil fields in Texas, Oklahoma, and California. These discoveries, along with production from new fields in Mexico, the Soviet Union, and Venezuela, combined to drastically depress oil prices. By 1931, with crude oil selling for 10 cents a barrel, domestic oil producers demanded restrictions on production in order to raise prices. Texas and Oklahoma passed state laws and stationed militia units at oil fields to prevent drillers from exceeding production quotas. Despite these measures, prices continued to fall."
Mintz, S., & McNeil, S. (2013). The Politics of Oil. Digital History. Retrieved 18 May 2015 from
http://www.digitalhistory.uh.edu/(add the complete URL for the specific page)
Creator Name: Sykes, Charles Henry, 1882-1942 - Artist