Black gold, Texas tea. Find some and you can be rich. Now selling at $55/barrel. You'd think everybody in Texas would be doing well. But we're not.
In the past, whenever oil prices were good, nearly everyone prospered in my home state. That is no longer the case. Why?
Because the oil is gone.
Yeah, we have all those maps that say it's there and in truth a lot still is, but here's the unspoken truth: A lot of the oil that's left can't be extracted without expending as much energy producing it as it will yield. And no way of finagling the books or changing the price of oil alters that fact.
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