What was the effect of discovering oil at the spindle top

The discovery of oil at the Spindle top salt dome in Beaumont, Texas in January 1901 is regarded as the turning point for the Texan economy and the single action that hauled the region out of its agricultural roots and into the modern industrial and petroleum age. Spindle top was the first salt dome discovery which led to a massive increase in speculation in the area leading to further significant discoveries.