HOUSTON (AP) — Oil busts aren’t new for Houston, known as the energy capital of the world. But Houston is now in uncharted territory, grappling with an oil downturn in the middle of a pandemic.
The coronavirus has shut down much of Houston’s economy, slashing jobs and revenue.
The city could have a budget deficit of about $200 million.
At the same time, the price of oil plunged as demand plummeted due to the worldwide lockdown.
A third of Houston’s economy depends on oil.
Economists say this one-two punch from COVID-19 and the collapse in oil prices will make it much harder for Houston to recover financially.
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