Norway seems to have taken the edge off by taxing fossil fuel use every bit as hard as the rest of Western Europe does and investing a large portion of the profits into a permanent fund for their residents in anticipation of an end to the bonanza, only taking a small percent out per year. “Never get high on your own supply,” as that song about dealing another harmful, addictive substance goes.
Unfortunately, West Texas doesn’t have a permanent fund for its residents' current and future oil-industry-driven needs and to even out the boom-bust cycle. Midland and Odessa are cities that only became cities once oil was discovered out there in the 20s. Before, they were little towns. So there wasn’t a ton of economic activity out there before oil - just a railroad interchange, mostly for shipping cattle, I think.
I remember seeing a half-built skyscraper in Midland while visiting relatives there in the late 90s, a leftover of the 80s bust that drove the S&L crisis.
Unfortunately, West Texas doesn’t have a permanent fund for its residents' current and future oil-industry-driven needs and to even out the boom-bust cycle. Midland and Odessa are cities that only became cities once oil was discovered out there in the 20s. Before, they were little towns. So there wasn’t a ton of economic activity out there before oil - just a railroad interchange, mostly for shipping cattle, I think.
I remember seeing a half-built skyscraper in Midland while visiting relatives there in the late 90s, a leftover of the 80s bust that drove the S&L crisis.