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Oil and Gas Industry in Texas

by:Wingoil     2020-06-07
One of the most well managed industries in Texas is oil and gas. You will be surely surprised at how much money must be going around Texas. Needless to say, the industries there are booming. It was during the late 20th century that this industry has experienced a great bang. For one, the entire US economy and politics also had an overhaul that time (specifically between 1970's to 1980's). However, this boom was brought down by a few issues. Let's take a closer look at the past and present situation of oil and gas industry in Texas. First, during early 1980's, the oil and gas industry in the state Texas covered for almost a third of the total income of the state. Just a decade later, sadly, this number was sliced into half. The reason for this is that there were energy losses happening and there were a lot of approved real estate loans which didn't really go the way they should be. Because of these loans, a lot of financial institutions' operations went haywire. Fast forward to 1994, a lot of jobs in the Texas oil and gas industry were lost, probably around 30% of them. That was a very depressing time, with most of the companies downsizing and the government not really willing to adjust the budgets for additional research and development. Because of this most of the companies in this industry weren't that keen on diversifying their economies or weren't so giddy with the idea of taking a few risks for business. When this period ended, only the petrochemicals stood their ground, and through this, the prices for oil produce eventually went down. Demand caught up and then most of the members of the Texas Oil and Gas industry expanded and began employing people again. As of date, this industry just moving forward in terms of growth and advancement. Therefore, you won't be shocked if most of the things you read in 'The Dallas Woman's Guide to Gold Digging With Pride' (or other funny Texas-inspired gold-digging book) will involve oil magnates who look like Greek gods or Greek monsters. What can we do? Guess the Texas oil and gas industry just can't sleep, eh? Kudos to the industry leaders and keep up the good work!
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