Rankin was elected as the county seat of Upton County in 1921. It is in the heart of the Permian Basin. Rankin is also the oldest town in the county, being established in 1911. The town’s name came from F. E. Rankin, an early day rancher. Rankin became a small ranching community until the mid-1920s when oil was discovered in the surrounding areas. However, no oil was found in Rankin itself which made people leave the area. Oil, sheep and cattle was the base of the economy then with pecan orchards and irrigated farms as a minor part of the economy.
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