Houston facing recessionary strains from low oil price

18 Jun 2016   Economy, USA

Lingering strains for a weak oil economy means the Texas city of Houston may be on the brink of recession, a report from a federal reserve bank said. Houston hosts the headquarters of dozens of national and international energy companies. Early this year, when crude oil prices were trading below $40 per barrel, Danish energy company Maersk Oil shut down its office in the city, laying off about 60 people. The Federal Reserve Bank of Dallas said in a regular review of the regional economy the pressure from low oil prices was spilling over to other parts of the economy, with banks in southern U.S. states facing increasing risk. While outperforming its peers elsewhere […]

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