Question

Plss help How does low demand for oil affect the Texas economy

Answer 1

This affect the economy's prices because Texas has a very sensitive oil budget and prices for oil will increase while leading to less exploration for new oil spots. Less people working means more lay offs and usually 1 oil rig in the waters can carry up to 150 to the max 275 maybe. So there will be lay offs and can hurt the economy's local businesses that catered these workers. and that would just be 1 rig when their are so many close to each other. more unemployment would be common due to the degrees they have because of the requirements expected take a while to get.

Hope it helps (=

Answer 2

Employment and tax revenues decline, and budget cuts at the state and local levels often follow. It also adds stress to financial markets.

Hope this helps a bit :)