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Mon 30 Mar 2015 12:26 PM

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Oil price downturn rattles Texas oil economy

Crude oil prices today are almost 60 percent lower than they were six months ago

Oil price downturn rattles Texas oil economy
Natural gas is flared off at a plant outside of the town of Cuero, Texas. Texas, which in just the last five years has tripled its oil production and delivered hundreds of billions of dollars into the economy, is looking at what could be a sustained downturn in prices. Crude oil prices today are almost 60 percent lower than they were six months ago. While the Texan economy has become more diversified over the years, oil is still the state’s largest monetary generator and any sustained downturn would be devastating for employment and the economy. Outplacement firm Challenger, Gray & Christmas this month said a drop in oil prices have been responsible for 39,621 job cuts in the first two months of the year. (Getty Images)
Oil price downturn rattles Texas oil economy
Old 'pump-jacks' are viewed on March 26, 2015 in the oil town of Luling, Texas. Texas, which in just the last five years has tripled its oil production and delivered hundreds of billions of dollars into the economy, is looking at what could be a sustained downturn in prices. Crude oil prices today are almost 60 percent lower than they were six months ago. While the Texan economy has become more diversified over the years, oil is still the state’s largest monetary generator and any sustained downturn would be devastating for employment and the economy. Outplacement firm Challenger, Gray & Christmas this month said a drop in oil prices have been responsible for 39,621 job cuts in the first two months of the year. (Getty Images)
Oil price downturn rattles Texas oil economy
Kenneth Kremling, who says that business has recently been poor, sells chickens and pigeons at a roadside stand outside of Cuero on March 27, 2015 in Cuero, Texas. Texas, which in just the last five years has tripled its oil production and delivered hundreds of billions of dollars into the economy, is looking at what could be a sustained downturn in prices. Crude oil prices today are almost 60 percent lower than they were six months ago. While the Texan economy has become more diversified over the years, oil is still the state’s largest monetary generator and any sustained downturn would be devastating for employment and the economy. Outplacement firm Challenger, Gray & Christmas this month said a drop in oil prices have been responsible for 39,621 job cuts in the first two months of the year. (Getty Images)
Oil price downturn rattles Texas oil economy
Steve Trout, with Oil Patch Chaplains, speaks with Adam Archibeque who was recently let go from his job as an oil field operator on March 27, 2015 in Portland, Texas. Archibeque and his wife Misty recently had quintuplets, making his current unemployment even more costly. Oil Patch Chaplains minister to individuals working in the Texas oil fields, a profession that is both physically demanding and economically precarious. Texas, which in just the last five years has tripled its oil production and delivered hundreds of billions of dollars into the economy, is looking at what could be a sustained downturn in prices. Crude oil prices today are almost 60 percent lower than they were six months ago. While the Texan economy has become more diversified over the years, oil is still the state’s largest monetary generator and any sustained downturn would be devastating for employment and the economy. Outplacement firm Challenger, Gray & Christmas this month said a drop in oil prices have been responsible for 39,621 job cuts in the first two months of the year. (Getty Images)
Oil price downturn rattles Texas oil economy
Trucks serving the oil industry pass through the town of Cuero, Texas on March 26, 2015 in Cuero, Texas. Texas, which in just the last five years has tripled its oil production and delivered hundreds of billions of dollars into the economy, is looking at what could be a sustained downturn in prices. Crude oil prices today are almost 60 percent lower than they were six months ago. While the Texan economy has become more diversified over the years, oil is still the state’s largest monetary generator and any sustained downturn would be devastating for employment and the economy. Outplacement firm Challenger, Gray & Christmas this month said a drop in oil prices have been responsible for 39,621 job cuts in the first two months of the year. (Getty Images)
Oil price downturn rattles Texas oil economy
An oil pump- jack is viewed on March 26, 2015 in the oil town of Gonzales, Texas. Texas, which in just the last five years has tripled its oil production and delivered hundreds of billions of dollars into the economy, is looking at what could be a sustained downturn in prices. Crude oil prices today are almost 60 percent lower than they were six months ago. While the Texan economy has become more diversified over the years, oil is still the state’s largest monetary generator and any sustained downturn would be devastating for employment and the economy. Outplacement firm Challenger, Gray & Christmas this month said a drop in oil prices have been responsible for 39,621 job cuts in the first two months of the year. (Getty Images)
Oil price downturn rattles Texas oil economy
An oil platform drill is viewed on March 26, 2015 outside of the oil town of Gonzales, Texas. Texas, which in just the last five years has tripled its oil production and delivered hundreds of billions of dollars into the economy, is looking at what could be a sustained downturn in prices. Crude oil prices today are almost 60 percent lower than they were six months ago. While the Texan economy has become more diversified over the years, oil is still the state’s largest monetary generator and any sustained downturn would be devastating for employment and the economy. Outplacement firm Challenger, Gray & Christmas this month said a drop in oil prices have been responsible for 39,621 job cuts in the first two months of the year. (Getty Images)