Texas oil billionaire William Alvin Moncrief Jr died this week at the age of 101.
At the age of 10, Moncrief witnessed his father open a “gusher” oil well in Greggton, 128 miles east of Dallas. People who gathered to watch the drilling and were initially disappointed when the well pushed up only muddy water, the younger Moncrief told the But then “it shot out about 90 to 100 feet,” he recalled. “When it shot out 100 feet, it made solid oil.”
After the United States entered World War II, Moncrief enlisted and served as a naval officer in the Pacific. Upon returning to Texas, he went into business with his father and the pair acquired major oil and gas prospects across the country. “With Tex as well as the other kind of legendary wildcatters, they were pioneers in the sense that they really didn’t believe in large corporations. They believed in smaller-leaning, sole proprietorships, if you will, which meant they took an awful lot of risk,” Bullock told the AP on Wednesday. “There just aren’t people around like that anymore.”
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