This changed in 1948, when oil was discovered in the Canyon Reef area north of town. Snyder became a boomtown, as the population jumped to about 12,000 in just a year's time. By the time the boom ended in 1951, an estimated peak population of 16,000 had been reached. This soon decreased to the 10,000 to 11,000 level and stabilized. Although the boom was over, oil still remained a vital part of the local economy, with the Snyder area being one of the leading oil-producing areas in Texas. In 1973, the one-billionth barrel of oil was pumped from the nearby oil fields.