Downturn In Oil Prices Rattles Texas Oil Economy

GONZALES, TX - MARCH 27: A worker in the oil industry buys jeans at a thrift store operated by Gonzales Christian Assistance Ministry, one of the few social services organizations in Gonzales assisting those in need on March 27, 2015 in Gonzales, Texas. Texas, which in just the last five years has tripled its oil production and delivered hundreds of billions of dollars into the economy, is looking at what could be a sustained downturn in prices. Crude oil prices today are almost 60 percent lower than they were six months ago.While the Texan economy has become more diversified over the years, oil is still the states largest monetary generator and any sustained downturn would be devastating for employment and the economy. Outplacement firm Challenger, Gray & Christmas this month said a drop in oil prices have been responsible for 39,621 job cuts in the first two months of the year. (Photo by Spencer Platt/Getty Images)