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Midland was transformed significantly when oil was discovered in the Permian Basin by Santa Rita No. In Reagan County, 1 well was produced. The Yates Oil Field in Iraan followed soon after. Midland was the administrative center for West Texas oil fields. It was home to the nation's largest bomber training base during World War II. After the war, a second boom occurred with the discovery of and the development of the Spraberry Trend. It is still the third-largest country's oil field in terms of total reserves. Another boom occurred in the 1970s due to the high prices of oil that were associated with the energy and oil crises. The nation's total oil and natural gas production is now one-fifth of what it was in the Permian Basin.
Midland's economy is still heavily dependent on petroleum but it has become a regional hub for telecommunications, distribution, and other services. A busy period in crude oil production had left the city with a large workforce shortage by August 2006. According to the Midland Chamber of Commerce at the time, there were nearly 2,000 more jobs in the Permian basin than there were workers.
