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Exactly. That's why this thread should be deleted. Imagine we were in school and you misquote a source, you'd get an F. The link is there for everyone to see.
The whole premise of this thread is a huge gigantic fallacy.
Exactly. That's why this thread should be deleted. Imagine we were in school and you misquote a source, you'd get an F. The link is there for everyone to see.
The whole premise of this thread is a huge gigantic fallacy.
Not sure of the methodology, but do they include all of the oil from the gulf into Houston's GDP or something? Otherwise Houston's numbers make it top5 richest places on the planet, above Switzerland, Bay Area, NYC, etc... For example, the difference between Houston and Dallas is like $10,000 per capita, which is crazy.
No - and if that were the case, that raw mineral wealth would probably flow to New Orleans, as it is closer geographically to the bulk of Gulf Of Mexico assets than Houston. (There is a component in the GDP for the value-add of refined hydrocarbons as exports, but this is no different than having refineries in New Jersey or Los Angeles, really). Roughly 400 million barrels of oil were pumped out of the US GoM in 2013 - that's roughly $40 billion net, which even before slicing it into fractions could not account for the outsized-GDP we are discussing.
It's a really simple concept really (which I've mentioned before) - Houston is the preponderant global city for people who work in the energy industry (akin to the Bay Area's centrality in "tech"). Those people, in addition to men with wrenches and hardhats, include untold thousands of scientists, engineers, seismologists, executives, program managers, researchers, investment bankers, consultants, attorneys, entrepreneurs and the ecosystem around them. Lots of valuable "stuff" is built there (mainly precision machinery used in the industry) and even more products and processes are designed there. Much like I-phones aren't physically built in Silicon Valley, Oil is not physically drilled in Houston. The money is often behind the product.
It's nothing remarkable really - just another sunbelt city that happens to have a huge economic edge (the oil industry). There are plenty of stats out there showing Houston has a very diverse economy, and nothing close to a majority of Houston's GDP output is "energy related", but let's be honest that people paid in petro-dollars put it over the edge.
Exactly. That's why this thread should be deleted. Imagine we were in school and you misquote a source, you'd get an F. The link is there for everyone to see.
The whole premise of this thread is a huge gigantic fallacy.
Nice (and relatively obvious) catch..... but I'm guessing people here really don't give a damn.
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