By TX3DNews Staff
April 9, 2025
PLANO, TX — Oil prices just dropped below $60 a barrel again, and while drivers might be looking to enjoy cheaper fill-ups for now, Texas knows this song all too well—and it doesn’t end on a high note.
The price dip, driven by a mix of oversupply and the Trump administration’s new 100% tariffs on Chinese imports, has investors sweating, energy companies scaling back, and oil workers eyeing the horizon for another bust.
Texas Doesn’t Need a Map—We’ve Been Here Before
We’ve seen what happens when oil drops below that $60 mark. In 2015, it triggered the loss of nearly 100,000 oil and gas jobs statewide. Then came 2020, when oil futures actually dipped below zero during the pandemic. That sent shockwaves through West Texas and left state regulators scrambling to manage the fallout.
Now, with OPEC+ flooding the market, global demand slowing, and tariffs shaking investor confidence, we’re back in familiar territory. The difference this time? There’s less patience—and fewer safety nets.
It’s Not Just the Oil Towns That Feel It
Texas’ 3rd Congressional District—Plano, McKinney, Frisco, and Allen—isn’t dotted with oil rigs, but we’re still plugged into the energy economy. Plenty of TX-3 residents:
- Work in energy-adjacent jobs (engineering, logistics, finance)
- Have retirement savings tied to energy stocks
- Rely on public infrastructure funded by oil tax revenue
When oil companies start cutting back, that wave doesn’t stop out west. It rolls all the way into our schools, our housing market, and our local budgets.
Wall Street’s Losing Its Nerve
Since the tariff announcement, energy stocks have been sliding fast. ExxonMobil and Chevron are both down more than 10%, and analysts at Goldman Sachs are already warning of a “Category 5 price storm” for U.S. consumers—especially if these tariffs drive up the cost of imported goods. Lower oil might save you a few bucks at the pump, but don’t count on the grocery store giving you a break.
So… Where’s the Leadership?
That’s a good question. So far, Gov. Abbott has stayed quiet. Rep. Keith Self? He’s busy highlighting job growth in Indiana and cheering on tariffs, but hasn’t said a word about how a falling oil market might hit families back home in TX-3.
Meanwhile, Texas energy regulators may consider production limits, a move they’ve debated before. But without a coordinated plan—and some honest talk about what low oil prices really mean—we could be heading toward another slow-motion crash.
Bottom Line
Yes, oil’s cheaper. No, that’s not always a good thing—especially in Texas. We’ve got history on this. When the price of crude dives, the layoffs follow. Budgets shrink. Projects pause. And families start tightening their belts long before the benefits of “cheap gas” show up.
So enjoy the pump savings while they last. But don’t mistake this for a win just yet. If history tells us anything, it’s that when oil drops, Texas holds its breath—and waits for the fallout.
📍 Want to stay ahead of what’s coming for North Texas? Keep following TX3DNews.com for real coverage, real context, and stories that put TX-3 first.