Remember ol’ Jed Clampett from “The Beverly Hillbillies” TV show? His hardscrabble farm produced little more than moonshine until one day, as the theme song went, “he was shootin’ at some food, and up through the ground come a bubblin’ crude. Oil, that is, black gold, Texas tea.”

Jed then sold his land for $200 million in today’s dollars—more than enough to move into a Beverly Hills mansion and rile up his snooty neighbors.

Read the full article at MarketWatch.

Bob Lord, an Institute for Policy Studies associate fellow, is tax counsel to Americans for Tax Fairness. Sarah Anderson directs the Global Economy Project at the Institute for Policy Studies and co-edits

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