When oil prices halved in 1986, “Texas suffered greatly”, says Justin Lahart in The Wall Street Journal. Texas unemployment leapt (see chart). With oil-related investment slowing, it won’t be much fun this time either.
Texas accounts for 37% of US crude production. Oil-field workers and related jobs, from lorry drivers to convenience store clerks, comprised 3.7% of Texan employment last year – the same proportion as in 1985.