In the 1980s, for example, a sharp drop in oil prices devastated the state’s energy companies and banks. Over the years the state economy has diversified, with medical centers mushrooming in Houston and Dallas, and Austin becoming a technology hub. At the start of the year, Texas oil and gas companies appeared to be doing OK. Oil companies shut down wells and stopped new drilling except when companies were legally obligated to employ rigs under contract. More than 26,000 Texas oil workers — roughly one in four — lost their jobs in April, according to state employment data.

Source: New York Times June 25, 2020 21:33 UTC