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Willisms

« Trivia Tidbit of the Day: Part 921 -- Congressional Wealth Effect In 2010. | WILLisms.com | Jeopardy's Watson & Paul Bunyan. »

Trivia Tidbit of the Day: Part 922 -- Energy Not Why Texas' Economy Is Outperforming Nation's.

Texas' Job Gains Diversified-

In the numerous articles that writers in Los Angeles and New York have written in recent weeks about how Texas is really not all that great economically despite the ridiculous volume of evidence saying otherwise, there have been references to the Texas oil industry, as if that small set of companies alone buffered our economy. If not for the energy sector, we'd be as bad off as anyone else.

I've been arguing this for nearly three years now, but it's not just oil:

Only 16,200 jobs out of 226,400 private jobs (around 7%) created in Texas over the past year have been in "Natural Resources & Mining" (code for the oil business).

....

Texas is doing well for a lot of reasons. Oil is about 7% of it. Being close to Mexico, having good natural seaports and warm weather and so forth, is probably another small portion of it. Really, though, the vast majority of Texas' current success is attributable to its overall tax, business, and regulatory climate.

That was 2008. Three years later, the nation's economy is much worse, Texas' is also worse, but Texas has hung in there, relatively speaking.

Three years later, oil remains a part of the Texas economy, but there is not enough clear evidence for such a clear throwaway line about how Texas is lucky that oil prices are high. Incidentally, oil and natural gas prices are much lower than they were in 2008:

oilpricessince2008.gif

Texas' job growth has been across many sectors:

jobgrowthacrossallsectors.gif

It's an intellectually lazy cop out (and just plain incorrect) to say that Texas is only doing relatively well, economically, because of oil.

-------------------------------------

Previous Trivia Tidbit: Congress Destroys Wealth.

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Posted by Will Franklin · 9 February 2011 11:50 AM

Comments

For more energy saving information, check out these tips from hip hop star Mega Watt: http://www.youtube.com/watch?v=mUNISl0mr5g

Posted by: Sid at February 10, 2011 02:07 PM