Consider what Texas might be like if the oil industry did not exist in the state.

If the industry where to die today, the state would survive.

"Today, oil and gas account for roughly 9 percent of the state’s GDP, but this figure is disproportionate to employment within the state. In 2018, oil and gas extraction only accounted for 1.5 percent of all Texas employment. This is a long way from the peak of 5.12 percent in 1982, before the mid-’80s oil crash that decimated producers in Texas.[1] While the 1980s proved a difficult time for the Texas and U.S. economy, this crash forced the state to diversify away from the industry. As a result of the most recent oil crash in 2014, Texas has never been better positioned to withstand production cuts."

Explanation:

link: https://contiorg.com/news/oil-and-the-texas-economy/