Texas Business Executives Are Freaked Out About The Crash In Oil Prices
MYLES UDLAND
BusinessInsider.com
DEC. 29, 2014
Business executives in Texas are worried about the drop in oil prices.
On Monday, the Dallas Fed’s latest manufacturing survey showed that activity in Texas was slowing down.
The latest composite index came in at 4.1, widely missing expectations and down big from November’s reading. Expectations were for the index to come in at 9, down from 10.5 last month.
Many economists have noted that as the drop in oil prices leads to cheaper gas, American consumers stand to benefit from what is effectively a tax cut.
But the big takeaway from Monday’s Dallas Fed report is that businesses in Texas, which has been a major beneficiary of the shale boom, have noted the drop in oil prices and not for the better.
According to the report, among comments from business executives in metal product manufacturing was that the drop in crude oil prices was “going to make things ugly … quickly.”
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