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Free ChatJan 14, 2017 · By mid-1931, the price had come down to 13 cents, and in parts of East Texas, it was selling for as little as 3 cents. Despite the low prices, Texas producers didn't want to reduce production. All were relying on an old English common law known as the "right of capture." On the surface, the wells were owned by different people.
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Free ChatThe boom and bust cycles occurred regularly throughout the birth of the oil industry that finally resulted in a depression. Between 1866 and 1867 the price of oil dropped to as low as $2.40 a barrel, from a high of $13.75 after the end of the war in 1865, due to the frantic speculation and overproduction of oil.
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