Cheap gas prices or not, when the oil and gas industry goes bust it hurts Fort Worth
The state’s oil and gas industry, which by some estimates accounts for 8% to 10% of the Texas economy, had been punched in the gut during the past couple of weeks, with the coronavirus slowing the world economy and a oil price war between Russia and Saudi Arabia.
Read MoreHow coronavirus is exposing states’ fiscal risks
While an economic and fiscal reversal depends on many unknowns, including the severity of the epidemic and the speed and magnitude of federal assistance to states, municipalities, corporations, and individuals, it is clear that states that used the nearly 11-year-long recovery to build rainy day funds and other cash reserves may withstand the fiscal impact…
Read MoreIndustry leaders: Texas has tools to weather economic storm amidst Russia-Saudi oil fight
With oil prices plummeting to their lowest level in decades, Texas’ economy and budget stand the most to gain and lose as the nation’s top oil-producing state.
Read MoreHow will the collapse in oil prices impact Texas? It’s too soon to tell, experts say.
“The consequences for Texas of the drop in prices over the weekend will depend on two questions: 1) how low, and 2) how long,” Dale Craymer, president of the Texas Taxpayers and Research Association, wrote in an email. “Of course, we can’t look at the impact of a drop in oil prices on Texas in…
Read MoreTexas Looks to Rein in Tax Deals Tailored to E-Commerce Giants
Texas cities are at odds over a proposal from the state comptroller to curtail deals that give companies including Dell Technologies Inc. and Best Buy Co. Inc., substantial chunks of their local sales tax collections as incentives to locate or stay there.
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