For hundreds of thousands of Texas homeowners, and small businesses facing an uncertain future, there is a silver lining. The nation needs Houston, its workers, and its economy.
One third of the US gasoline supply is refined there. Many fuel pipelines that pump industry’s life blood emanate from the Texas gulf coast. “So there’s a lot at stake in terms of getting it back up and running,” says Glen Hall, U.S. Editor at the Wall Street Journal.
“The port in Houston is a very, very big deal, says Brian Brenberg, Chair of the Program in Business and Finance at King’s College. “It accounts for $250 billion-plus of economic activity across the state of Texas and beyond every year. Texas itself is a big deal. Almost 10 percent of U.S. economic output is coming from Texas,” he says.