The falling price of oil takes its toll on Texas

Americas Now

The plunging price of oil has created an economic slump for the state of Texas. And many businesses are feeling the crush. Correspondent John Zarrella reports on once-booming, oil-rich towns that have gone “bust.”

Oil can make people rich seemingly overnight. And just as quickly, the bottom can fall out. That’s just what has happened in the U.S. state of Texas. When the price for a barrel of crude began falling, getting the oil out of the ground was no longer worth the effort.

The downturn in oil prices isn’t expected to end anytime soon. In fact, analysts say Texas lost 84,000 oil and gas jobs in just over a year. And the layoffs in the oil fields have now extended to layoffs in energy companies’ offices.

Watch John Zarrella’s report from Southeast Texas to learn more.

The falling price of oil takes its toll on Texas

The falling price of oil takes its toll on Texas

The plunging price of oil has created an economic slump for the state of Texas. And many businesses are feeling the crush. Correspondent John Zarrella reports on once-booming, oil-rich towns that have gone “bust.” Oil can make people rich seemingly overnight. And just as quickly, the bottom can fall out. That’s just what has happened in the U.S. state of Texas. When the price for a barrel of crude began falling, getting the oil out of the ground was no longer worth the effort. The downturn in oil prices isn't expected to end anytime soon. In fact, analysts say Texas lost 84,000 oil and gas jobs in just over a year. And the layoffs in the oil fields have now extended to layoffs in energy companies' offices. Watch John Zarrella’s report from Southeast Texas to learn more.