Oil prices are plunging, how is that affecting the Texas economy? According to Moody’s Analytics, the outlook still looks good.
One of the nation’s top economists said Tuesday that oil prices “roughly speaking” have bottomed out, but that doesn’t mean Texas has nothing to worry about.
Oil prices have plunged 50 percent since June but surged 7 percent Tuesday to $53.05 a barrel, a one-month high. Slowing production in the U. S. and elsewhere plus concern about a three-day old refinery strike caused the rally.
Still, Moody’s Analytics chief economist Mark Zandi is optimistic.
Read more here from the Dallas Morning News