Falling gasoline prices are bad news for Texans, particularly during a global economic slowdown.
While no one knows what President Donald Trump will do next on tariffs, all of us should brace for a recession. Paying down debt, building up savings and scoping out other employers in case of layoffs.
Politicians claim the Texas economy is more diversified today, with millions employed in health care, technology and finance. But energy sets Texas’ economy apart from the rest of the nation.
Texas accounted for 43% of U.S. crude oil and 27% of natural gas production in 2023, the U.S. Energy Information Administration reports in the latest available data. The oil and gas industry contributed $751 billion to the state’s economy in 2023, and $27.3 billion in state and local taxes and royalties in 2024.
West Texas Intermediate crude averaged $76.63 a barrel last year. It will be much lower in 2025.
Texans feel the pain when oil and natural gas prices drop. Workers lose jobs, don’t eat out, and lose their homes.
https://www.houstonchronicle.com/business/columnists/tomlinson/article/texas-oil-price-drop-recession-warning-20302834.php