Midland Mayor Jerry Morales on Impact of Oil Prices [VIDEO]
Midland Texas Mayor Jerry Morales joined The Chad Hasty Show on KFYO to talk about the price of oil and its effects on the present and the future.
With West Texas crude prices at just above $60 per barrel as of today (Tuesday, December 9, 2014), concerns about the impact of those prices on Midland and the Permian Basin is in the news.
Asked whether the Mayor agrees with opinions that there will not be a large collapse in the oil industry as happened in the 1990s, Morales responded,
I wholeheartedly agree ... I think it's going to be ok. Even though we want drilling and it's the backbone of our industry and our community, we don't mind the slowdown so that we can catch up [with the area's rapid growth and subsequent infrastructure needs] a little bit.