The world wide shock in oil futures ultimately has the epicenter here in Texas. While Russia and OPEC wage price and market wars, the resulting market shock of too much product and covid 19 panic creating lower demand….the bottom fell out of prices overnight.
The big guys of production, the major international oil companies see their market values fall by billions of dollars. To maintain the company and investor confidence, they have to tighten what they do moving forward. And so, look for the rig count, the pipeline flow, the tanker loading, the truckers, the welders, and all the peripheral jobs and industries that will be affected in Texas, as jobs are dumped.
As the saying goes, oil reacts quickly and recovers slowly. Once again, the oil patch braces itself and so must Houston. Amazing how panic and politics can change the world in a matter of weeks.