In 1948 Standard of Texas struck oil on the Canyon Reef formation north of town. The oil industry began to boom in 1948 when wells in the Canyon Reef field were drilled to 6,500 feet, and wells in the county produced over 1,112,000 barrels of oil.
From 1948 to 1951 some 2,000 wells were drilled in the county, contributing to a substantial, sustained boom. While production fluctuated over the next 40 years, the oil business has remained an integral part of the local economy. It still is one of the largest employers in the Snyder area. Nearly 2,000,000,000 barrels of petroleum have been taken from the Snyder and Scurry County
area since 1923.