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Texas: America's Canary In The Coalmine For Coronavirus Economic Meltdown

Video Credit: Wochit Business - Duration: 00:38s - Published
Texas: America's Canary In The Coalmine For Coronavirus Economic Meltdown

Texas: America's Canary In The Coalmine For Coronavirus Economic Meltdown

Thanks to its affordability and strong energy-oriented economy, Texas has seen a population boom.

But according to Business Insider, the coronavirus pandemic is hurting Texas's oil industry hard.

Consequently, its economy is hurting, too.

Against the backdrop of a Saudi Arabia-Russia oil pricing war, oil prices have dropped from $58 to $20 a barrel.

Texas loses out on $85 million per year in tax revenue for every $1 decline in oil price.

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