What, Dallas worry?
Oil prices have cratered since last summer, and energy companies have cut thousands of jobs and shut down hundreds of drilling rigs. As a result, job growth for Texas, the nation’s top oil and gas producer, is projected to be about half of last year’s rate.
Yet Dallas is sitting pretty.
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The crash in oil prices kicked off intense debate over when, and how, American producers would react. So far they’re still cranking out oil, but there are signs that a slowdown is looming. Chief among them: the record drop-off in drilling for new oil. The animation shows the deployment of drilling rigs since 2011, culminating recently in a sudden collapse.
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