‘Everybody is waiting for doomsday’ in Texas
MYLES UDLAND
BusinessInsider.com
Aug. 16, 2015
Oil prices are at a six-year low, and almost nowhere is the pain being felt more than in Texas.
This weekend, The New York Times published a great look at how the crash in oil prices has impacted the economic fortunes of Karnes County, Texas.
Karnes County is located in the Eagle Ford shale formation, one of the largest oil producing regions in the country.
But as prices have crashed, the value of land in the region plummeted, as did the number of people drillers needed for work.
“Everybody is waiting for doomsday,” Vi Malone, the Karnes County treasurer told The Times.
“Everything was good, and everybody was getting these big checks, and everybody waited for their land to be leased, and then it all came to a screeching halt around the beginning of the year.”
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