Confusion over the delivery of Waggoner mail and the name Beaver for nearby Beaver Creek led residents in 1902 to circulate a petition changing the name of the city to Electra in honor of Electra Waggoner. The townsite opened in October 1907. In 1911 an oil company leased a tract of land from W.T. and the famous North Texas Oil boom was begun as fortune seekers came to stake their claims. Today, Electra continues its agricultural and oil impact in North Texas. Farm and ranch land surrounds the town and most every field is punctuated with an oil well.
Manufacturing is another strong economic force to the city.
An industrious and enthusiastic city government and school system make Electra an exciting city to live in and raise a family. A progressive hospital offering a plethora of services, a physician clinic, family practitioners, internist and general surgeon assure the best of healthcare services not found in many small cities. The Chamber of Commerce is extremely active. The annual Electra Goat Barbecue is one of the busiest and most exciting events hosted by the Chamber. There are also the annual homecoming events, semi annual City Wide Garage Sales, Scarecrow Festival, and an annual visit from Santa Claus.