Please answer the following question:In 1986, the world price of oil dropped sharply. Since the USA,...

Question

Please answer the following question:In 1986, the world price of oil dropped sharply. Since the USA, at that time, was an oilimporting country, this was considered good for the U.S. economy. However, in Texas, that year there was a profound recession. Why?

David · Accepted Answer

Prior to the fall oil price Texas’ economy was booming that was based on oil market. Texas and 
surrounding places were important places of oil producing and other related products. Texas 
produced oil on global standard. Texas was home to the country’s oil service and machinery 
industry.

Please answer the following question: In 1986, the world price of oil dropped sharply. Since the USA, at that time, was an oilimporting country, this was considered good for the U.S. economy. However,...

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