Haynes and Boone released their oil bankruptcy report. Texas lead the way with bankruptcy last year with 42. Louisiana and Colorado were tied for second with 11. When the economy collapsed in 2008 WTI peeked at @ $165/brl. With the support of high oil prices, Texas was able to weather the economic collapse well.
The dependency on oil is still heavy in Houston, with diversified industries in DFW. With oil production the centerpiece of Texas stability in the last collapse, how will things be in the next one? WTI in January is @ $51/brl. The drop in oil prices has caused over leveraged oil firms to BK and continue.
In the run up to the 2008 collapse, oil prices steadily climbed. In the run up to the next collapse prices are steadily dropping (collapsed $165 to $51). But things are different and all is well. More reports show it is not well and has not been well.
Hope the Feds around the world can keep the party going, because the fundamentals suck.