Texas Economy Could Lose $24B If Oil Prices Stay In The $30s

The downturn in the U.S. oil industry could lead to more than US$24 billion of lost GDP for Texas alone, if oil prices remain in the $30s, Ed Hirs, Energy Fellow at the University of Houston, told Anadolu Agency. The oil price collapse, the production curtailments, and the budget cuts have already resulted in layoffs in the industry, and more job losses and oil and gas company bankruptcies are coming, according to analysts and legal experts. “Many of the endangered companies had some amount of hedging in place to help them survive 12 to 18…