Oil Prices and the Economy
AUSTIN, February 4, 2016 – This year, I want to keep the dialogue going. Right now, everyone’s talking about the energy industry and the ongoing plunge in oil prices, which is reverberating in Texas and around the world. That’s why I asked Todd Staples, former Texas commissioner of Agriculture and now president of the Texas Oil and Gas Association, to sit down and discuss what the price decline means for Texas’ economy and its industries.
You can catch a video of our discussion online.
We’re in turbulent times for oil and gas, no question. Saudi Arabia is gambling that keeping prices at rock bottom will kill off the American shale revolution, and there’s no doubt that we’re feeling the effects.
But the genie’s not going back into the bottle. The brains and technological innovations that renewed the American energy industry aren’t going anywhere.
When prices rise again, so will Texas oil production — as long as we stay true to the free-market principles that encouraged the shale boom in the first place.
I hope you’ll find my talk with Mr. Staples interesting, and get some new perspective on where one of our state’s major industries is headed.