Coronavirus hit the global markets this week, sending stocks reeling and pushing economies toward possible recession. In Texas, the view could be even bleaker thanks to plummeting oil prices. Analysts say the state can expect layoffs, bankruptcies and state revenue shortfalls in the months ahead if prices remain low.

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.

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…

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.

“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…