re: Texas economy is cratering

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Here comes the paralegals and waiters to say "good, I like cheap gas."

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Yep those are the only two groups that fuel prices effect....
Not any consumer goods company with huge field sales reps with fleet cars & expenses that passed high oil prices on to the consumer... Nooooo that would never happen & there are NOT thousands of these companies out there. Nope nope nope

California could produce more oil and hence, more taxes and more jobs. But they don't want to. That's their decision.

Texas has embraced oil drilling using several techniques, and have reaped the benefits for years.

That sure is funny, seeing as how Californians are fleeing to Texas in droves.

Toyota is moving its U.S. headquarters from California to Texas.

But it's all just happenstance, I'm sure you'll tell us...

Listen, you're not fooling anyone. You've been rooting for a collapse in oil prices for a long while now. Don't act like you are just a detached observer.

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But at this moment, TX is in a recession.

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That is not correct.

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Listen, you're not fooling anyone. You've been rooting for a collapse in oil prices for a long while now. Don't act like you are just a detached observer.

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I don't give a damn one way or the other. I benefit mildly, but not substantially from lower oil prices. My line of work isn't greatly affected in either direction. I do like jerking the chain of a state that generally thinks its shite doesn't stink. And I certainly do understand the schadenfreude of those who have suffered under high oil prices for a long time now that the shoe is on the other foot. But do I personally benefit? Not much.

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That is not correct.

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Okay.

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Texas is experiencing slower growth, but who says they are in a recession?

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You can't officially call it until after the fact, but it's arguably there or nearly so.

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Personally, I think lower oil prices are great. I don't mind being selfish in that regard.

If oil-based taxes crimp the state's coffers, then that's when I think you'll see the difference between Texas and many other states: the willingness to cut spending to live within its means.

The Texas Legislature cut funding for public schools a few years back, and the left pissed and moaned to high heaven. The left continues to bitch about not taking the federal Medicaid expansion.

Like Gov. Perry said about the huge surplus the last time the Legislature met in 2013 (I don't like him, but hey)... news of the surplus was "the equivalent of ringing the dinner bell" for special interest groups. The Texas rainy-day fund has grown. Texas will weather this storm, like it always has.

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If your economy is based on oil, you have to expect ups and downs. Eventually it will not be the big power substance it used to be. You have to adapt to change or go broke.

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In this way Texas has something of the same financial approach as Saudi Arabia and Russia. Interesting company

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Hard to feel sorry for oil/gas companies making 20-25 billion profit a quarter when they were fricking us with $3.75 a gallon gas.

Ding ding ding. We have a winner.

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Yep. And this exact thing happened back in the 80's in Texas and Louisiana. They had the oil boom of the late 70's/early 80's then everything dropped off. The states survived then and they'll survive now.

I'm waiting for the O/G guys to have to move out of town so I can get a nice house on the cheap.

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Eventually it will not be the big power substance it used to be.

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Not in our lifetime.

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You old.