[lbo-talk] Texas oil question

[Michael Pollak]

During the 90s, oil prices were very low.  It was generally credited as
being a major factor in powering the US economic boom.

So was the Texas oil economy in depression in the 90s?  I don't remember
ever hearing a thing about it.  (Unlike in the 1980s, in a similar
situation, where the discrepency between the Reagan boom and the Texas oil
fields depression was the stuff of Larry McMurtry novels.)

What makes me even more curious is my impression that the Texas economy
not only wasn't ailing, it was thriving.  So is a super low oil price not
the US domestic industry killer it's supposed to be, and seemingly used to
be? And if so, how come?

Or did the industry tank in the 90s just like it did in the 80s, but it
was just so much smaller that it wasn't news anymore, even in Texas?

Michael