Spindletop is a salt dome oil field located in south Beaumont, Texas in the United States. The Spindletop dome was derived from the Louann Salt evaporite layer of Jurassic age. On January 10, 1901, a well at Spindletop struck oil ("came in"). The new oil field soon produced more than 100,000 barrels of oil per day., Texas State Historical Association Oil prices dropped to a record low of 3 cents per barrel, less than the price of water in some areas. Gulf Oil and Texaco, now part of Chevron Cor… (More on Spindletop)