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Rick Perry
Is the oil crash about to snuff out the 'Texas miracle'?
Is the oil crash about to snuff out the 'Texas miracle'?

One aspect of the Texas economic "miracle" that made the triumphalism of its promoters so hard to stomach was the way they glossed over one of its key drivers: the oil boom. Now that global oil prices are plummeting -- down 50% since the summer -- Texas may be facing a less than miraculous future.  That's the view of JPMorgan Chief Economist Michael Feroli, who last week took the measure of the possible impact of lower oil prices on the Texas economy and found it not good. "We think Texas will, at the least, have a rough 2015 ahead, and is at risk of slipping into a regional recession," he wrote. The consequences could be far-reaching -- job losses and a sharp...

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