Word: oiling
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...year. Perhaps the best holiday news for Texans, who see long-distance drives as a way of life, is that gas is down to $1.35 a gallon in many parts of the state. But that happy fact may be the harbinger of tough economic times in 2009 for the Oil Patch. (Read "Black Gold: It's Time to Raise...
...oil-and-gas industry accounts for almost 16% of the Texas gross domestic product, double what it was five years ago, and that means any slowing in that sector will have a ripple effect on the state's overall economy. "There are signs of a slowdown," says Amarillo energy economist Karr Ingham. "The jury is still out on whether it will become a bust...
...Oil prices began to fall in late summer, after gas topped $4 a gallon, and the drumbeat of bad economic news has sent them ever lower. "Prices got to an insane level," Texas economist M. Ray Perryman says, "but they are equally insane now." With the price of a barrel of oil hovering in the $45 range and natural gas cut in half from a high of $14 per thousand cubic feet, the domestic energy sector is now at a critical "tipping point," Perryman says. If prices dip lower, he adds, the pace of the slowdown will quicken as domestic...
Thanks to those high oil and gas prices earlier this year, the state of Texas raked in $363 million in oil-production taxes in just the last quarter of fiscal 2008, 36% more than the same quarter a year ago, and $777 million in gas-production taxes, up 55% over the same quarter a year ago. But the numbers are now beginning to tell a different tale. While natural-gas-production taxes are up 56% for the first quarter of fiscal 2009, oil-production taxes have slipped from the 72% increase seen in fiscal 2008 to a 36% increase...
Unlike in the 1980s, when oil fell to $8 a barrel, Texas is not heavily dependent on its energy industry, so the state "should have more resistance to, but not immunity from, recessionary conditions," according to state comptroller Susan Combs. When the legislature convenes for its biennial session in January, Texas will have a big surplus, thanks in part to last year's booming oil and gas revenues - one of only nine states...