Secretary of Energy: Trump Powering Oil & Gas Comeback

Secretary of Energy: Trump Powering Oil & Gas Comeback
(AP Photo/Evan Vucci)

The coronavirus pandemic dealt a heavy blow to the oil and gas industry in Texas and around the nation. The sudden decline in demand and collapse in prices, followed by job losses and company bankruptcies, has been unlike anything we have seen in decades, perhaps in the industry’s history.

Since 1901, when oil was struck at Sour Spring Mound, Texas, the industry has seen its share of oil booms and busts. Around 1930, prices plummeted when Woodbine sands production soared. In the 1970s, prices soared and supplies collapsed when OPEC clamped down on global oil exports. After the 1980s bust, a boom came in the following decades as U.S. production ramped up, which led to fears of reaching “peak oil.” Then came hydraulic fracturing and the shale revolution. And on it goes. History proves Texas can weather the storm.

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