I lived in Texas in the mid-1980s and remember what happened to Texas' economy when the oil glut hit. While the rest of the US prospered, Texas retrenched. Texas has benefitted by rapid oil price growth since the late 1990s, but oil prices may sink for the next 2 years.

The "Texas miracle", which wasn't much of a miracle when Rick Perry revealed the massive budget deficits in 2011, is based largely on cheap land and expensive oil. Land prices in Texas are going up just as oil prices are sinking.