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Austin economist Brian Kelsey, concerned about the potential impact of falling oil prices on the state’s economy, is examining what could happen to the state’s revenue and jobs under a continued decline for the energy industry.
If oil and gas industry earnings in Texas fall 20 percent, Kelsey estimates, the state could lose 212,000 jobs and $13.5 billion in total earnings. In turn, the Austin metro area could see a loss of 4,200 jobs and $210 million in earnings.
Austin economist Brian Kelsey, concerned about the potential impact of falling oil prices on the state’s economy, is examining what could happen to the state’s revenue and jobs under a continued decline for the energy industry.
If oil and gas industry earnings in Texas fall 20 percent, Kelsey estimates, the state could lose 212,000 jobs and $13.5 billion in total earnings. In turn, the Austin metro area could see a loss of 4,200 jobs and $210 million in earnings.
Billions that they got artificially inflating gas prices and gouging the american people for the last few years and let's not forget the billions they get in subsidies from the federal government.
This article is nothing more than the typical economic scare tactics employed by the oil companies. The oil company corporate jackasses are not getting their avaricious way so they financially threaten the little guy again.
A few years ago when there was talk of removing the federal subsidies the oil companies pulled this same crap.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by mdovell
North Dakota will get hurt for sure but Texas is smart enough to not put everything in one basket.
Actually, Alaska is suffering the most from lower oil prices. Texas does have more tech jobs now, so they will survive just fine. Some of those new "instant cities" being built in North Dakota are already in trouble. Even if it hurts 3-4 states it benefits the other 46-47 greatly. As Mr. Spock said, "the good of the many over the good of the one."
It hurts the global economy if oil forecasts are not met due to lower global development. Areas that have drill rigs will suffer in the short term due to lower activity, however, that is one small percentage of the oil sector in general. Layoffs already happened and oil has found it's lowest low, from here it either stays stagnant or the price goes up, it will not decrease further. The overall forecast for economic development globally is around 5%, thus filling the need for more energy (oil).
It's rather obvious no posters so far understand the global economy.
Austin economist Brian Kelsey, concerned about the potential impact of falling oil prices on the state’s economy, is examining what could happen to the state’s revenue and jobs under a continued decline for the energy industry.
If oil and gas industry earnings in Texas fall 20 percent, Kelsey estimates, the state could lose 212,000 jobs and $13.5 billion in total earnings. In turn, the Austin metro area could see a loss of 4,200 jobs and $210 million in earnings.
The main problem is the costs to produce a barrel of oil is static on the specific economy. In Saudi Arabia it is $15 to produce a barrel of oil. In America whether it is Dakota, Alaska or Texas, it is about four to five times the cost to produce the same barrel (partially because of labor and also land rights.) Right now the Saudis are flooding the market because they can sell oil lower. This is part of the reason Russia is in trouble right now.
The good news is the economy is booming in other ways. Oil has been up and down for years, remember the oil jobs crisis in the late 80's? It was fairly similar but we had enough replacement jobs.
Lower oil costs are better for the entire economy. I couldn't care less about Texas.
I don't understand all the complaining. People complain when SA raises prices or cuts production cause rising petroleum product prices, and now they are complaining when SA keeps production the same causing lower prices. I think the name of the game with some is to just complain!
Many industries go through this from food to computers, from solar cells to soy sauce. We are always under some potential price hike or price lowering based on decision made abroad, So it's oil this time, Big Whoop!
Austin economist Brian Kelsey, concerned about the potential impact of falling oil prices on the state’s economy, is examining what could happen to the state’s revenue and jobs under a continued decline for the energy industry.
If oil and gas industry earnings in Texas fall 20 percent, Kelsey estimates, the state could lose 212,000 jobs and $13.5 billion in total earnings. In turn, the Austin metro area could see a loss of 4,200 jobs and $210 million in earnings.
Oh well, thats what they get for not diversifying their job industry.
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