Texas: America's Canary In The Coalmine For Coronavirus Economic Meltdown
- 4 years ago
Thanks to its affordability and strong energy-oriented economy, Texas has seen a population boom.
But according to Business Insider, the coronavirus pandemic is hurting Texas's oil industry hard.
Consequently, its economy is hurting, too.
Against the backdrop of a Saudi Arabia-Russia oil pricing war, oil prices have dropped from $58 to $20 a barrel.
Texas loses out on $85 million per year in tax revenue for every $1 decline in oil price.
And the $69 billion Texas tourism industry is also likely to get hit hard.
That bodes ill for states with even fewer advantages.
But according to Business Insider, the coronavirus pandemic is hurting Texas's oil industry hard.
Consequently, its economy is hurting, too.
Against the backdrop of a Saudi Arabia-Russia oil pricing war, oil prices have dropped from $58 to $20 a barrel.
Texas loses out on $85 million per year in tax revenue for every $1 decline in oil price.
And the $69 billion Texas tourism industry is also likely to get hit hard.
That bodes ill for states with even fewer advantages.