Quote:
Originally Posted by JManc
Everyone will feel the effects from the virus but Houston and other petro cities are going really feel the pain with rock bottom oil prices. My wife works in oil and gas and they are in panic mode. Hopefully it will be short lived since it is artificially by Russia/ Saudi.
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My company is not oil and gas, but manufactures things for the building industry, specifically big buildings like high rises, sports stadiums, resorts, etc. I think a lot of our customers come from our local connections, we export our products made here to construction sites in the Middle East.
Oil being low -> bust -> few big construction projects -> bad for us? It's all interconnected. Houston's still hideously dependent on oil. I saw somewhere that perhaps "only" 9% of our jobs are in oil and gas, but then something like 23% are in manufacturing of which the vast majority is oil and gas related equipment and steel pipe or tank fabrication or maritime stuff for offshore, etc. And someone mentioned all those generous health plans support our healthcare industry quite a bit.
We are so screwed...