1. Oil and Gas Prices Drop
A piece of good luck turned into near economic disaster for the state of Texas in C.M. “Dad” Joiner struck oil near Kilgore, Texas. Thousands of wells were drilled resulting in millions of barrels of oil flooding the market. Soon all the new oil drove market prices down from $1.10 a barrel in 1930 to 10 cents in Around the state many wells had to be shut down because they could not produce oil profitably at these low prices.

2. Kilgore, Texas Oil Wells
Vachon, John: photographer
Description: Oil wells like this one in Kilgore, Texas tended to overproduce oil causing a steep drop in oil prices during the depression years.