

There was a spike by 1980, when the census recorded 1,652, but the downward trend resumed through 2010. The decline continued until reaching a low of 1,239 in 1970. In 1940, the census reported a population of 1,407. By 1930, the population had dropped to 1,734. Major producers began to shut down or reduce operations in the early 1920s. Production began to decline sharply in 1915, and more dry holes were reported. The town boomed, attaining a population of 2,601 by the census of 1920. By the end of 1914, the combined Yale and Cushing fields were producing 220,000 barrels a day. An even larger gusher began producing a month later.
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On September 23, 1913, an oil well on the Randle farm produced a gusher. By 1910, Yale had a population of 685, supported mostly by agricultural services and cotton processing. A 1907 map shows the town contained 230 acres surrounding the railroad junction, and to its east southeast the Underwood farm of 158 acres. Underwood moved his store to the new site in 1902, making the new site the permanent location for the town of Yale. Canfield began a different townsite also within Eagle Township that would be closer to the railroad, at its planned junction with the Missouri–Kansas–Texas Railroad.

When the Eastern Oklahoma Railway built its line across Payne County, a group led by George W. Underwood, who established a post office by that name in his general store, about 1.5 miles (2.4 km) east of the present town. Yale's founding in 1895 is attributed to a local farmer, Sterling F. The population was 1,059 at the 2020 census, a decline of 13.6 percent from the figure of 1,227 in 2010. Yale is a city in Payne County, Oklahoma, United States.
