Texas braces for massive layoffs amid oil slump
MIDLAND, Texas -- In Texas oil country, lower oil prices have led to prayers at the Jack County Courthouse for families who depend on oil drilling to make a living.
The state is home to the Permian Basin, the nation's leading oil-producing region, where cheaper oil means lower profits, and fewer jobs.
Alex Sexton was recently laid off from a drilling company's accounting department. "After a couple of days of wallowing in my own, you know, self-pity, I realized I'm not the only one and I'm not going to be the only one" said Sexton.
At a nearby employment center, the number of job-seekers has more than doubled in the last few weeks, says CEO Willie Taylor.
It's estimated Texas could lose 140,000 direct and indirect energy jobs by midyear. Just a few miles from Sexton's home, rigs have
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Submitted Feb 28, 2015 By: