His warning that it will turn the country
into a, quote, graveyard if other nations
intervene in Jim Hayden's living
room. News has been on all night long.
Each report tells him and many
other Texas oilman exactly
what they want to hear about an extended
conflict in the Middle East, a conflict
that has dramatically driven up the price
of oil.
One would be foolish not to want to make
additional money.
I think it's going to make a lot of money
for small oil men all
over Texas, Oklahoma, Louisiana.
Economic experts say more than Texas
oil men will benefit from a long term
surge in oil prices if it
stays at twenty four dollars a barrel
for a year, eight billion dollars
will be added to the gross state product,
256 million to the state
and local tax base, and 64000
jobs will be created.
Dr. Bernard Weinstein, put together those
numbers, says what's good for Texas
will not be good for the rest of the
country.
Well, Texas has always been a contrarian
state. We seem to be doing well when
other states aren't doing well.
And just look back at the 1980s.
We had a bust here in Texas, in the East
Coast and the West Coast in the Midwest
were thriving
in oil fields across Texas, where
thousands of wells have been plugged
since the bottom dropped out on this
business about five years ago.
Everyone is optimistic that long
after this most recent war in the Middle
East is over, prices will remain
high. Marty Griffin, Texas new spot.