Can Texas Escape Oil Dependance?

Economics Explained

This is Texas, the second-largest state in the USA by landmass, population, and GDP.

But perhaps being runner up is not so bad in all of these categories. Texas has for many decades been a huge driving force of prosperity, not only for the people within the state but also for all of the USA.

The state provides over 40% of the oil production in the country which is, in turn, the largest oil-producing nation in the world.

To give you an idea of just how massive this operation is, Texas produces more oil than, brazil and china combined.

Now for regular channel viewers, you might be thinking that well that’s great and all however, oil wealth doesn’t always guarantee prosperity, but fortunately for Texas, it has diversified itself into a host of other industries some of which are very far removed from what you might picture taking place in the land of cowboy boots and Ford F350’s.

Texas today has the fastest growing population in all of the United States which is been driven by the state attracting a range of new businesses that will work with this young new professional demographic to continue to grow a strong economy.

Or at least that is the theory, the rumblings of the world in 2020 have not been easy on the Texan miracle, and for the first time in almost three decades, the state might be starting to show signs of troubled waters.

To see if this could be a hurdle the yeehaw state could not overcome we need to look at a few key areas.

• What have been the industries driving the growth of Texas?
• What is it about the state that makes it so attractive to these industries?
• And what could future growth look like after 2020?

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