Still, the oil industry’s hold on Houston is not as great as it once was. The oil bust that lasted roughly from 2014-2016 reached the same scale as the 1980s version in terms of the loss of jobs and operating drilling rigs, but led to only a brief, mild recession in Houston, Thompson said.
“The fact that oil and gas is still a major driver is not the same thing as saying Houston’s economy hasn’t diversified,” Thompson said. While the long-term future of the oil and gas remains a worry for the local economy, political and business leaders also have viewed the industry’s presence here as a competitive advantage as the world makes a transition to cleaner energy. In many cases, the expertise developed by oil and gas companies over decades are transferable to low-carbon alternatives such as carbon capture and storage, hydrogen, and biofuels.
“But more important,” Davis said, “Texas has an opportunity here to retain and expand our global leadership in energy and technology. It would be a shame to pass up that economic and moral leadership, and we don't have to.”Houston certainly doesn’t want to. A consortium of companies, led by Exxon Mobil, is seeking to develop a $100 billion carbon capture and storage hub in the region. Sen.
Jesus that article is hard to read. Somebody forgot to proof read /edit it.