Texas Recession Looms
Due to the dramatic decrease in the cost of oil, Texas’ shale industry has suffered and could send the state into a recession, CNN reported
JPMorgan Chase stated that Texas is at risk of falling into a regional recession and will have a rough year in 2015 due to the unprofitability of some shale wells when the cost of oil falls. In recent years, Texas has become a major oil producer for the U.S., with a share of more than 40 percent.
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