The area that is now Redkey, IN was originally established in the 1830s as "Wades Settlement" by the earliest settler. The name changed a couple of times until officially taking the name Redkey in 1883 after a citizen bought the land owned by the Wade family. In 1887, it was discovered that the town resided on a large source of Natural Gas. This discovery lead to a boom in population and economy. The town grew from 386 residents in 1830 to over 2,200 in 1900, peaking at about 3,500. The town grew and become home to many businesses, including grocery stores, restaurants, doctors, entertainment venues, and more.  

Unfortunately, the boom went bust in the early 1900s. However, two businesses that got national attention was the Key Palace Theater and Shambargers Restaurant in the mid 1900s. Charlie Noble brought in many blues music musicians to the theater, attracting attention from iconic actors and musicians -- Leon Redbone, BB King, and Buddy Guy to name a few. Shambargers also got some high-profile customers, such as Norman Rockwell. In 1968, The Wall Street journal profiled the un-advertised establishment. Now, the town has approximately 1,300 residents. Although Redkey is not what it once was, there are many who are working to bring it back to its former glory.  

The Gas Boom Days Festival was established in 1976 in honor of the economic boom. As time progressed, the festival ran into some issues of people volunteering to run it and had to stop for some years. Within the last decade or two, a small group of people wanted to bring the festival back, in the hopes of bringing more business to the area. Although Covid posed some roadblocks, the festival continues to take place every August on High Street.