10 US cities affected by falling oil prices
US, WASHINGTON (ORDO NEWS) — The fall in oil prices was a real shock to the market, and now many experts are trying to predict how the situation in the oil market will affect the economy of individual countries and cities.
West Texas Intermediate oil prices fell below zero, but then were able to rise. On Wednesday, the price of WTI oil stopped at just above $ 17 per barrel.
Experts in the US are very concerned about the situation in the oil market, they predict that falling prices will undermine the economy, in particular, those cities that depend on the oil industry.
Below we will talk about 10 US cities whose economies will be hit hardest due to the oil crisis.
10. Shreveport, Louisiana
Together with the suburbs, the population of Shreveport exceeds 375 thousand people. The oil industry and related industries account for 16.90% of GDP as of 2018.
In general, the GDP of the oil and gas industry and related industries is estimated at $ 4.0 billion. The total GDP of the city is $ 23.8 billion.
9. Oklahoma City, Oklahoma
The population of the city exceeds 600 thousand people. The city has the headquarters of large companies such as Chesapeake Energy and Devon Energy. The oil and gas industry and related industries account for 18.38% of urban GDP, as of 2018. The GDP of the oil and gas industry and related industries of the city is estimated at $ 14.9 billion. The total GDP of the city is $ 81.0 billion.
8. San Angelo, Texas
More than 100 thousand people live in the city. The oil and gas industry and related industries account for 19.13% of GDP, according to data for 2018.
The GDP of the oil and gas industry and related industries is estimated at $ 1.4 billion. The total GDP of the city is $ 7.1 billion.
7. Farmington, New Mexico
More than 50 thousand people live in the city. The oil and gas industry and related industries account for 21.37% of the city’s GDP, according to data for 2018. The GDP of the oil and gas industry and related industries of the city is estimated at $ 1.2 billion. The total GDP of the city is $ 5.8 billion.
6. Wyrton, West Virginia
The population of the city exceeds 20 thousand people. The oil and gas industry and related industries account for 22.25% of the city’s GDP, according to data for 2018. GDP of the oil and gas industry and related industries is estimated at $ 1.5 billion. The total GDP of the city is $ 6.9 billion.
5. Laredo, Texas
This city, located on the border with Mexico, is home to more than 230 thousand people.
Laredo has the largest US border crossing, through which 36% of Mexican exports to the United States and 47% of US exports to Mexico pass.
The oil and gas industry and related industries account for 25.80% of the city’s GDP, according to data for 2018. The GDP of the oil and gas industry and related industries is estimated at $ 3.0 billion. The total GDP of the city is $ 11.7 billion.
4. Odessa, Texas
The population of the Odessa-Midland agglomeration exceeds 250 thousand people. The oil and gas industry and related industries account for 27.33% of GDP, according to data for 2018. The GDP of the oil and gas industry and related industries is estimated at $ 3.4 billion. The total GDP of the city is $ 12.6 billion.
3. Greeley, Colorado
Almost 100 thousand people live in the city. The oil and gas industry and related industries account for 35.25% of GDP. The GDP of the oil and gas industry and related industries is estimated at $ 7.0 billion. The total GDP of the city is $ 19.8 billion.
2. Wheeling, West Virginia
More than 30 thousand people live in the city. The oil and gas industry and related industries account for 46.15% of GDP. GDP of the oil and gas industry and related industries is estimated at $ 5.7 billion. The total GDP of the city is $ 12.4 billion.
1. Midland, Texas
More than 142 thousand people live in the city. Companies located in the city include Pioneer Natural Resources, Endeavor Energy Resourses, and others. The oil and gas industry and related industries account for 66.21% of GDP, according to data for 2018. The GDP of the oil and gas industry and related industries is estimated at $ 21.7 billion. The total GDP of the city is $ 32.8 billion.
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