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Started By
Message
re: Texas economy is cratering
Posted on 3/30/15 at 11:08 pm to Tommy Wayne
Posted on 3/30/15 at 11:08 pm to Tommy Wayne
quote:
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.
Posted on 3/30/15 at 11:09 pm to Jack Daniel
quote:
Here comes the paralegals and waiters to say "good, I like cheap gas."
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
Posted on 3/30/15 at 11:26 pm to Jim Rockford
Time for more oil subsidies
Posted on 3/30/15 at 11:39 pm to Jim Rockford
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.
Texas has embraced oil drilling using several techniques, and have reaped the benefits for years.
Posted on 3/30/15 at 11:47 pm to texashorn
And that still didn't keep the economy from declining.
Posted on 3/30/15 at 11:53 pm to Jim Rockford
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...
Toyota is moving its U.S. headquarters from California to Texas.
But it's all just happenstance, I'm sure you'll tell us...
Posted on 3/31/15 at 12:05 am to texashorn
Suit yourself, but the metrics referred to in the OP show the Texas economy going down. Is it permanent? Of course not. But at this moment, TX is in a recession.
Meanwhile, CA outpaced the national average in job growth last year. And I hold no brief for CA, I don't know how we got on that. But since you brought it up. LINK
Meanwhile, CA outpaced the national average in job growth last year. And I hold no brief for CA, I don't know how we got on that. But since you brought it up. LINK
Posted on 3/31/15 at 12:15 am to Jim Rockford
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.
That is not correct.
quote:
But at this moment, TX is in a recession.
That is not correct.
Posted on 3/31/15 at 12:17 am to Jim Rockford
quote:
TX is in a recession.
Texas is experiencing slower growth, but who says they are in a recession?
Posted on 3/31/15 at 12:19 am to texashorn
quote:
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.
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.
quote:
That is not correct.
Okay.
Posted on 3/31/15 at 12:22 am to RogerTheShrubber
quote:
Texas is experiencing slower growth, but who says they are in a recession?
You can't officially call it until after the fact, but it's arguably there or nearly so.
[quote]LINK ]
Posted on 3/31/15 at 12:26 am to Jim Rockford
quote:
LINK ]
[quote]
Zandi and Cochrane don’t think Texas will fall into recession this year because of low oil prices, but places like Corpus Christi, Houston, Midland and Odessa will. Austin, Dallas, Fort Worth and San Antonio will see less effect because their economies are more diversified, they said.
Overall, Texas will create 325,000 to 350,000 jobs this year, down from about 400,000 in 2014, Cochrane estimated.
I don't see anything close to a recession, and officials certainly aren't believing it will happen. Growth will slow a bit but that's about it. It's nowhere near "cratering"
This post was edited on 3/31/15 at 12:28 am
Posted on 3/31/15 at 12:28 am to Jim Rockford
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.
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.
Posted on 3/31/15 at 12:39 am to Placebeaux
quote:
13 years ago oil companies were tickled pink when oil was at $30 barrel, now they cant afford to produce at $50. What changed?
Fracking and Deepwater drilling. It is not cheap to do either.
They can afford to produce, they can't afford to drill.
Posted on 3/31/15 at 4:29 am to LSUcjb318
quote:
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.
In this way Texas has something of the same financial approach as Saudi Arabia and Russia. Interesting company
Posted on 3/31/15 at 6:45 am to texashorn
What is really sad is the adolescent mindset of hoping a huge economic bright spot in the US economy fails because of some oilfield trash stereotypes. Without Texas in the recession, the national economy was truly fricked. It offered many people a chance to sustain and proliferate, but, hey, frick it! Fail baby, fail!
Texas will suffer far less than LA and I hate that for my peeps in SoLA. I couldn't give a damn about jacked up trucks and Contenders.
Texas will suffer far less than LA and I hate that for my peeps in SoLA. I couldn't give a damn about jacked up trucks and Contenders.
Posted on 3/31/15 at 6:56 am to Pax Regis
quote:
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.
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.
Posted on 3/31/15 at 6:57 am to Jim Rockford
But Texas is da best! Power grid and stuff or whatever
Posted on 3/31/15 at 7:00 am to Clyde Tipton
quote:
Eventually it will not be the big power substance it used to be.
quote:You old.
Not in our lifetime.
Posted on 3/31/15 at 7:27 am to CharlesLSU
quote:
because of some oilfield trash stereotypes.
Jim thinks the entire state is mocking him, so that's his motivation for rooting for it to fail. Delusion and insecurity at its best.
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