Will Texas Survive The Downturn?

Wednesday, February 18, 2015
By Paul Martin

By Parker Hallam
Tue, 17 February 2015

Here are some staggering statistics: Texas alone produces about 20-percent of all oil and gas in the United States. The sum-total of Lone Star oil and gas produced in 2014 topped $100 Billion, according to the Energy Information Administration. That’s up from about $40 Billion in 2007, and had a substantial economic impact statewide.

Last year there were 12.5 million employed workers in the state, which added 458,000 new jobs in 2014 alone according to the Texas Workforce Commission. During the census period of 2000-2010, Texas swelled by 4.3 million residents. Collectively, the state’s output in 2014 topped $1.5 trillion, second only to California and for thirteen years in a row, Texas led the nation in net exports at $290 billion last year.

Therefore, when both Forbes and the Wall Street Journal tackle the same topic, it is certainly worth exploring: How will Texas fare amidst lower oil prices? Forbes contributor John Kotkin opined that over the last decade, Texas emerged as America’s new land of opportunity….America’s America (for the reasons aforementioned). The obvious 900-pound gorilla in the room, then, is how much will the drop in prices affect the state’s jobs, revenue base and overall economy?

The Rest…HERE

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter