The dramatic drop in the world price of oil in 1985 led to ____ in Texas.

Question

Quizplus · Accepted Answer

The drop in oil prices in 1985 led to property foreclosures as many people were unable to pay their mortgages due to job losses. This also led to bank failures as banks in Texas had a large amount of exposure to the oil industry. The loss of thousands of jobs in the oil industry was another consequence of the drop in prices. As a result, the state also experienced a loss of tax revenues. Therefore, all of the above choices are correct.

The Dramatic Drop in the World Price of Oil in 1985