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Life in the oilfields can be hard as the oil industry was on a boom and bust cycle, where the price of oil can rise and drop. This means that the oil field workers can get paid very little or very much at a time.
The significant innovation in the mid-1800s was the discovery that kerosene could be made from oil. Kerosene was a fuel which was saver and less expensive than other fuels. It could be made from either coal or petroleum.
The Spindletop Oil Boom affected the economy in such a way that oil prices dropped when the supply outpaced the national demand. These price differences are the outcome of a boom and bust cycle. These are the growth and depression periods in an industry
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