No it is not. The last Texas oil depression was under Ronald Reagan. This is just feast and famine in the oil industry. It won’t last forever and another Texas oil boom will be on the horizon. This is just business life in the unfree modern marketplace.
RE: This is just feast and famine in the oil industry.
How many percent of the Texas economy is dependent on the price of oil anyway?
My impression is the state’s economy is DIVERSIFIED enough today compared to the days of oil dependency.