Part 2, Chapter 13 Summary

An optimistic wildcat promoter known as "Dad" Joiner had a knack for spinning tales of wealth in love letters to recent widows. Rival promoters used mass mailings to bilk victims, but Dad actually intended to strike oil. In 1930, headlines announced "Joiner's Wildcat a Gusher," and the field became known as the Black Giant - the richest yet discovered in America. An orgy of drilling followed, and oversupply drove Texas prices down sharply. Having oversold his "interests," Joiner found himself in a legally vulnerable position, but H. L. Hunt bought him out for $1.3 million and settled his debts, thereby becoming the largest independent in East Texas.

The glut of oil threatened the industry with ruin. As majors and independents feuded, the Texas Railroad Commission (TRC) stepped in to restore order. Created in 1891 by Governor Hogg, the TRC had power to regulate "physical...