Crude oil prices have weakened considerably in recent months, generating jitters about how far they might fall, and what lower crude oil prices could do to the overall economy, particularly in energy states like Texas. However, even a protracted period with prices at current levels is unlikely to put the Texas economy in a major tailspin the way it would have in the past, according to a new report by BBVA Compass. The reason, BBVA Compass said, is that urban areas in the state, like Houston, have become more diversified than they once were, and generally depend on more than one sector of the economy for support. The oil and gas industry remains a vital part of the Texas economy, and worries began to surface as West Texas Intermediate (WTI) slid from over $100/bbl in June to the mid-$70s/bbl in October, about where it has remained. However, because […]