Why is Texas’s oil industry likely to continue to be a major force in the state and national economies?

Texas’s oil industry is to be a major force in the state and national economies because of its contribution in the GDP of a country.

Texas produces highest amount of crude oil in the nation about 22 percent of crude oil production in the United States of America. The oil industry provides about 1.8 million jobs in Texas and it also brought about 9.9 billion dollars in taxes. This industry fulfills the oil needs of the country as well as saves important capital of the country so we can say that Texas oil industry is a major force in the economy of the country.

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While fossil fuel production continued to rise in Texas in major cracks emerged in the latter half of the year: a significant drop in the number of active oil rigs, thousands of industry job losses and a spate of bankruptcies.

monopolies  came to the united states with the colonial administration. the large-scale public works needed to make the new world hospitable to old world immigrants required large companies to carry them out. these companies were granted exclusive contracts for these works by the colonial administrators. even after the american revolution, many of these colonial holdovers still functioned due to the contracts and land

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