Texas: Oil Prices and State

texas: Petroleum prosperity helped usher in an economic boom in Texas, which added one out of every seven new American jobs between 2010 and 2014, according to Market Watch. But since the end of 2014, the state has lost more than 91,000 jobs in oil-and-gas extraction and mining-support activities, nearly half of the total national job losses in those categories. But after more than two years of slumping oil prices, the state is now a sore spot for the national economy. Texas payrolls were up 1.6% in August from a year earlier, trailing the national pace of job growth for the 11th consecutive month. But the largest economic impacts are in Texas, the nation second most populous state, which accounts for roughly 9% of U.S. economic output. The collapse in oil prices—from more than $100 a barrel in June 2014 to roughly $50 today CLX6, +1.21% —has been felt nationwide. (news.financializer.com). As reported in the news.