Although the state’s economy is more diversified today and not as dependent on energy production, Jim Fuquay’s sources say the answer is still yes. Neither Jim nor his sources, however, take into account what I’ll call “the spillover effect.” The effect occurs when higher prices at no additional cost spill money into the pockets of multi-generational heirs of old oil fortunes whose assets consist primarily of stock in the companies that bought out their forebears. In other words, the old rich are getting much richer–and that money plows back into our local economy. To my mind, the net effect of this investment, while hard to trace, will make the high price of oil even better for Texas than the economists can calculate.
Get the D Brief Newsletter
Dallas’ most important news stories of the week, delivered to your inbox each Sunday.
Related Articles
News
White Rock Medical Center Temporarily Stops Receiving Ambulances and DFW Ranks 45th in Latest Hospital Safety Rating
Plus UT Tyler's new dermatology department, Children's Health's honor, and more.
By Bridget Reis
Local News
Mayor Eric Johnson Makes Another ‘Friendly Belt Buckle Bet’
This time its on the Avalanche-Stars game.
By Tim Rogers
Commercial Real Estate
Checking in on HEB’s Plans for the Old Albertson’s in Uptown
The property at Lemmon and McKinney remains undeveloped despite years of announcements and renderings that depicted a $295 million, 25-story mixed use development anchored by a Central Market. What's going on?
By Will Maddox