The Lucas Gusher was the largest gusher the world had seen and catapulted Beaumont, Texas into an oil-fueled boomtown. The strike at The Lucas Gusher at Spindletop oil field represented a turning point for Texas and the United States; no oil field in the world had ever been so productive. The frenzy of oil exploration and the economic development it generated in the state became known as the Texas Oil Boom. The United States soon became the world's leading oil producer.
During the Spindletop oil boom, six hundred oil companies hastily incorporated and sold stock. All but two became financial flops. Only Texaco and Gulf Refining Co. (Gulf Oil, now Chevron) survived the boomtown frenzy to become major oil companies.