Journal Article

Oil and gas rises again in a diversified Texas

Abstract: The oil and gas industry has been a driver of the Texas economy for the past 40 years. Its contribution declined with the oil-led recession of 1986 and appeared to slip further in the 1990s as the high-tech industry boomed. But oil and natural gas prices have risen since 1999, reaching record highs in 2008. This resurgence has boosted energy activity and factored into the recent economic recovery in Texas, affirming the industry?s long-held prominence in the state. ; An econometric model developed by the Federal Reserve Bank of Dallas documents the state?s evolving energy fortunes since the late 1990s. It shows that the industry is still contributing positively to Texas output and employment, though in a less-pronounced way than during the prior oil boom 30 years ago.

Keywords: Texas; Employment; Energy consumption; Prices;

Bibliographic Information

Provider: Federal Reserve Bank of Dallas

Part of Series: Southwest Economy

Publication Date: 2011

Issue: Q1

Pages: 10-13

Order Number: 1