Month:  March 2020

Oil bust and pandemic strike double blow for Texas

An economic cyclone is ripping through Midland and the rest of Texas, the leading oil-producing state in the US. The Covid-19 outbreak has led to government stay-at-home orders that turned busy roads into empty blacktop. The ensuing collapse in fuel demand has halved the value of Texas crude amid an all-out price war between Saudi…

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Rainy Day? Texas Economy Faces Coronavirus Impact

The coronavirus is slamming the U.S. economy, and is likely to¬†hit the Texas economy¬†pretty hard as well. With plunging oil prices and shuttered businesses across the state, the pandemic has threatened two of Texas’ biggest budget sources—oil revenues and sales taxes. State Comptroller Glenn Hegar has already signaled he may revise the budget downward for…

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