Economics
As Pandemic, Oil Hammers Texas, Rest of the U.S. Waits for the Spillover
- Development and real estate are casualties of the oil plunge
- ‘I don’t see an end to this,’ a billionaire oilman warns
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In all his years in the Texas oil patch, the billionaire Russell Gordy has never seen a bust like this.
The nightmarish collapse in crude prices that has accompanied the coronavirus pandemic is sinking fortunes across the Lone Star State, the nation’s second-largest economy. And not even Gordy, an oilman since 1973, can see a clear way out.