More than 10 years covering energy and politics in The Lone Star State.
“You have to realize that Houston and Texas has what we call a comparative advantage. It’s obviously geology oil and gas, and as a matter of fact the oil and gas industry provides roughly 13% of gross state product, which makes it the largest single industry in the state. When things are bad in that sector, it hurts across the board for the state of Texas and Houston. But geology aside, we also have a tremendous amount of capital already deployed refining chemicals, petrochemicals, pipelines and port facilities. All of these things really bode well because the capital’s not being destroyed right now. It’s still in place, so it bodes well when things do begin to turn for Texas to be able to respond very quickly.”
— Ken Medlock, James A. Baker III and Susan G. Baker Fellow in Energy and Resource Economics; senior director, Center for Energy Studies, Rice University’s Baker Institute for Public Policy, as quoted by Houston Business Journal