COVID-19 is contributing to a sharp drop in oil prices. Drivers are seeing the effect at the gas pump, where prices have dropped to levels not seen in many years. But the financial toll from low oil prices could cost more than half a million oil and gas jobs. A lot of those jobs are right here in Texas.
Demand for gasoline has plummeted as drivers around the world park their cars and stay home in an effort to control the virus. But the coronavirus is only part of the problem. An ongoing price war between Russia and Saudi Arabia flooded markets with oil, sending prices spiraling down.
President Donald Trump has been in talks with Russian president Vladimir Putin to try to stabilize the market. Texas Republican Senator John Cornyn has been reaching out to officials in Saudi Arabia.
“They need to understand that if they expect a cooperative relationship from us on arms sales and a host of other issues, then they are going to have to treat us like a friend,” Cornyn said.
Oil price decline puts Texas jobs in jeopardy
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