Chapter 8 Summary and Analysis

George Bush goes through various partnerships as he begins his career in the Texas oil industry. His investment plan relies on funding from the East coast, particularly his wealthy relatives. George Bush uses this funding to start an oil speculation company. In the oil speculation of the 1950s, big oil companies would make contracts with landowners whose land is adjacent to land where oil has been discovered. If oil is discovered on this land, the landowners are paid a royalty from the big oil company. George Bush's company begins as an independent oil company, meaning that his company purchases a share of the royalties that are promised to the landowners. Then his company pays to drill for oil. The gamble exists in the chance that the investment in royalties and the land drilling will not turn up any oil.

The other...