“In 1927, when T.S. Hogan announced plans for a 12-story office building called the Petroleum Tower, many here were incredulous. A skyscraper? On the plains of West Texas? But city leaders embraced the building and the status it conferred on the city as the heart of the new Permian Basin oil field, historians say. At least until 1929, when the price of a barrel of crude dropped to 15 cents and the just-opened building sat empty. Eighty-six years later, the Petroleum Tower still stands—and history may be starting to repeat itself.”
http://online.wsj.com/article/SB10001424127887323916304578404680953872620.html
