Bloomberg | The Permian Basin Still Has an Awful Lot of Oil Bloomberg There are those who would bestow that title on the famous East Texas gusher at Spindletop, which spurred the rise of the oil industry in 1901. The Santa Rita No. 1 first hit oil 22 years later, after two arduous years of drilling, in Reagan County in ... $60 Oil Enters The Realm Of Possibility Trying to stay just ahead of the next oil crisis |