Fact Check: Texas oil and gas regulator says industry is 35 percent of state economy
Brandon Mulder, PolitiFact Texas
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FILE - In this April 17, 2020 file photo, the sun sets behind an array of pump jacks outside Midland, Texas. The near shutdown of the economy in response to COVID-19 has reduced demand for oil, lumber and other commodities, sending their prices sharply lower. Energy has borne the brunt of the selling, with the price of U.S. oil for May delivery plunging last week below zero for the first time. (Eli Hartman/Odessa American via AP)Eli Hartman, MBI / Associated Press
Fact-check: Is the Texas oil and gas industry 35% of the state economy?
PolitiFact s ruling: Mostly True
Here s why: Texas’ oil and gas sector took a tumble in 2020 when the coronavirus pandemic was compounded by a Saudi Arabia-Russia price war that further devastated the global oil market.
In May, two weeks after crude oil prices turned negative for the first time in history, Texas Railroad Commissioner Christi Craddick spoke with the Texas Tribune giving updates on how the industry was handling the downturn.
“Last year, [oil and gas] was about 35% of the state s economy . and so [because this industry] is down . it s gonna affect everything,” Craddick said.