Once upon a time, Houston was a city that “loved not wisely, but too well,” when it...
Still, the oil industry’s hold on Houston is not as great as it once was. The oil bust that lasted roughly from 2014-2016 reached the same scale as the 1980s version in terms of the loss of jobs and operating drilling rigs, but led to only a brief, mild recession in Houston, Thompson said.
“The fact that oil and gas is still a major driver is not the same thing as saying Houston’s economy hasn’t diversified,” Thompson said. While the long-term future of the oil and gas remains a worry for the local economy, political and business leaders also have viewed the industry’s presence here as a competitive advantage as the world makes a transition to cleaner energy. In many cases, the expertise developed by oil and gas companies over decades are transferable to low-carbon alternatives such as carbon capture and storage, hydrogen, and biofuels.
“But more important,” Davis said, “Texas has an opportunity here to retain and expand our global leadership in energy and technology. It would be a shame to pass up that economic and moral leadership, and we don't have to.”Houston certainly doesn’t want to. A consortium of companies, led by Exxon Mobil, is seeking to develop a $100 billion carbon capture and storage hub in the region. Sen.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
28 Celebrities Who People Once Adored But Ended Up Losing Every Shred Of Respect For'I stopped admiring Kelly Clarkson after learning that she spanks her kids.'
Read more »
The New Dream List: 12 Once-In-A-Lifetime Travel GoalsThe old 'bucket list,' with its crowded monuments has given way to a new collection of dream trips—heavy on the nature and remote culture, and far from the crowds.
Read more »
Once a notorious slave pen, it’s now a museum on slavery — and freedom“Freedom House,” once the site of the largest slave-trading operation in the pre-Civil War United States, has been transformed by Alexandria city historians.
Read more »
New British Army chief: We must be ready 'to fight in Europe once again'The new head of the British Army warned soldiers that they must prepare “to fight in Europe once again,” comments that take new meaning as Russia’s war against Ukraine continues to rage on.
Read more »
A historic Olmos Park-area home once owned by San Antonio mayor Gus Mauermann is for saleMauermann refused to let the home to be annexed by Olmos Park so he could maintain a San Antonio address and run for mayor. It's now for sale for $1.8 million. SanAntonio SATX SanAntonioTX Texas uniquehome beautifulhome RealEstate
Read more »
Quavo & Takeoff Help Launch New Motown-COLORS Series Celebrating Black Music MonthWatch Quavo and Takeoff perform 'Hotel Lobby' as part of the new motown and colorsxstudios series celebrating Black Music Month.
Read more »