Even if oil and gas prices collapse, I don't see the economy completely tanking in Louisiana or Texas again like that. It's going to hurt like hell because of all the oil and gas there, but today there is more manufacturing, tech, higher ed, and medical jobs around than back then.
Louisiana still has some diversification to do...but New Orleans, Houston, and Baton Rouge have been trying very hard for a long time to bring in other industry and manufacturing.
It would still hurt (and you'd see an out-migration out of the region), but I think that Louisiana and southeast Texas has done a better job at diversifying than Michigan or Detroit has. A good bit of the new industry moving into the area are there because of low natural gas and and easy, cheap energy.
Do you think the gulf coast has made enough progress toward diversifying?
This post was edited on 7/16 at 11:13 am