Houston confronts one-two punch of COVID-19 and oil bust
May 7, 2020
HOUSTON (AP) — When you're known as the energy capital of the world, oil busts are nothing new. But Houston now finds itself in uncharted territory — grappling with an oil downturn in the middle of a pandemic.
Like in other cities, the coronavirus has shut down much of Houston's economic activity, slashing thousands of jobs as well as sales tax revenues. Mayor Sylvester Turner expects a city budget deficit of about $200 million, the worst in the history of this city of more than 2.3 million, the country's fourth largest.
At the same time, the price of oil plunged below zero in April a...