The coronavirus pandemic is crippling Texas’ economy with oil plunging – Business Insider

The coronavirus pandemic is hurting Texas’ oil industry and, consequently, its economy, reported Gregory Meyer for The Financial Times.Oil prices have dropped from $58 to $20, against the backdrop of a Saudi Arabia-Russia oil pricing war.It’s a problem for a state that has seen a population boom thanks to its affordability and strong energy-oriented economy.Visit Business Insider’s homepage for more stories. The coronavirus pandemic is striking Texas where it hurts: in the oil industry.As local governments in the state (but not the governor) implement stay-at-home orders to help slow the spread of the coronavirus, Texans are sticking inside, reported Gregory Meyer for The Financial Times. The decline in fuel demand is one factor behind oil cratering to around $20, the other being the ongoing oil-pricing war between Saudi Arabia and Russia.
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