The downturn in the U.S. oil industry could lead to more than US$24 billion of lost GDP for Texas alone, if oil prices remain in the $30s, Ed Hirs, Energy Fellow at the University of Houston, told Anadolu Agency . The oil price collapse, the production curtailments, and the budget cuts have already resulted in layoffs in the industry , and more job losses and oil and gas company bankruptcies are coming, according to analysts and legal experts. “Many of the endangered companies had some amount of hedging in place to help them survive 12 to 18 months of a price collapse,” Hirs told Anadolu Agency. Yet, the energy economist warned that “the write-downs of asset values and the lack of new loans from banks and other lenders will spell the end for many companies.” The collapse in the U.S. rig count indicates that up to 70,000 workers may […]