“ We used to say lower oil prices good for America. Do we still say that?
Except in Texas and Oklahoma...”
Plenty of indirect labor / Small business support the Oil workers. When a barrel of oil gets in the low 40’s Crews don’t get sent out / layed off. My Step Sisters small Motel business that mostly services Oil Workers in Flatonia TX. gets hit hard when oil prices drops.
The Dallas economy is much more diverse since the last oil price fall in the 80s... but it still ripples through the Texas economy.
Same in South Louisiana. People lose
jobs when oil drops.
There needs to be a solution.
I thought 80% of the State of Texas was Flatonia.
Severance tax to the the state goes down and other taxes will come up and that hits everybody. 39 oil producing states take it on the chin. The oil and gas industry in Texas pays around 4 billion+ a year to the state in severance taxes. Total budget for the Texas school system was around 9 billion, who thinks they will cut back?