Community leaders bracing for an economic hit to oil/gas revenue

Tue, 04/28/2020 - 9:37 am

A graph from the Texas Railroad Commission shows the various pipelines/oil and gas wells in Stephens County. With some oil/gas wells being plugged, the revenue generated from those well is no longer received by Stephens County. Photo from Texas Railroad Commission

A.D. Chachere

news@breckenridgeamerican.com

County and city officials of the community are preparing for a major economic decrease in the oil and gas revenue received yearly. The news comes as oil prices plunged more than 80 percent on Monday, April 20 falling to below zero dollars per barrel and has continued to fluctuate.

The severity of the situation cannot be underestimated. U.S. Representative Mike Conaway of Texas’s 11th congressional district recently released a statement on oil prices.

For the full story, click here to subscribe or log in to read the Wednesday, April 29 edition of the Breckenridge American.