By: Erica Grieder – Houston Chronicle – Once upon a time, Houston was a city that “loved not wisely, but too well,” when it came to oil and gas. The 1980s proved that with an epic oil bust that wiped out one in seven jobs in Houston, crashed the real estate market, and upended local banks.
Houston’s relationship with the industry has evolved since then as business and political leaders pushed to diversify the regional economy. As sectors such as health care, technology and commercial space exploration have grown, so has ambivalence to the oil and gas industry. Two more wrenching oil busts in just over five years added to that ambivalences, as have growing concerns about climate change.