comptroller seal Texas Comptroller of Public Accounts

FOR IMMEDIATE RELEASE

February 4, 2016

Texas Comptroller Visits With President of Texas Oil and Gas Association on Plunging Oil Prices and Effect on Texas Economy

(AUSTIN) — Last year Texas Comptroller Glenn Hegar embarked on the Good for Texas Tour, participating in town hall meetings across the state to find out what issues are important to Texans. As a follow-up to his tour, the Comptroller announced today the launch of the Good for Texas Talks, issues-focused interviews with influential state stakeholders.

Hegar kicks off the series by visiting with former Texas Agriculture Commissioner and current president of the Texas Oil and Gas Association (TXOGA), Todd Staples. The two take a deep dive into the slumping price of oil and what it means for Texas' economy and its industries. You can catch a video of the Comptroller's discussion with Staples online.

"We're in turbulent times for oil and gas, no question. Saudi Arabia is gambling that keeping prices at rock bottom will kill off the American shale revolution, and there's no doubt that we're feeling the effects. But the genie's not going back into the bottle," Hegar said. "The brains and technological innovations that renewed the American energy industry aren't going anywhere. When prices rise again, so will Texas oil production — as long as we stay true to the free-market principles that encouraged the shale boom in the first place."

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