In Midland, Texas, a city deeply intertwined with the oil and gas industry, the recent decline in oil prices has created a palpable sense of anxiety. The city's identity is built upon this sector, with 590 oil and gas businesses and many more serving the industry. As US benchmark crude prices fell below $60 per barrel, challenging profitability for shale producers, residents are on edge, familiar with the industry's volatile cycles of prosperity and penury.

Historical Legacy and Economic Cycles

Midland's history is a testament to the boom-and-bust nature of oil. The Petroleum Building, constructed in 1927, was intended to be a center for oil companies, signaling Midland's future as a major production hub. However, its completion coincided with the stock market crash and the Great Depression. The discovery of oil in East Texas drove prices down to 15 cents per barrel, forcing many local companies to close until a return in 1935. Similarly, the Vaughn Building, developed during the 1950s and 1960s oil boom, now sits derelict, and the First National Bank of Midland, established in 1890, collapsed in the 1980s under the weight of bad energy loans, becoming one of the largest bank failures in American history at the time.

Cultural Integration and Modern Anxieties

The oil industry's influence permeates the city's culture. Local businesses, such as Caprock Title and Crude Food catering, incorporate oil industry themes into their names. The city's pride also extends to its presidential legacy, having been home to the Bush family in the 1950s. Despite this deep-rooted connection, the current price downturn has "everyone on their toes." A young hospitality worker named Faith, whose father works in the sector, notes that while large layoffs haven't occurred yet, the fear is real. This anxiety is mirrored in popular culture, with the TV series "Landman" depicting a fictional business threatened by oil prices staying below $60 for a year.

Community and Controversy

Midland's community enjoys the economic benefits of the industry, with residents spending their earnings on car shows and modified vehicles. However, not all impacts are positive. Some residents express concerns about hydraulic fracturing (fracking), the region's primary money machine. A local cashier suspects fracking operations are damaging roads not built for such heavy use, while another in the hospitality sector suggests it has caused small earthquakes in the area. The city's demographic makeup is predominantly Hispanic and white non-Hispanic, with a population under 150,000. The recent opening of a Bass Pro Shops store was marred by a brawl, which Faith quips is indicative that "we just can't have nice things here," highlighting a tension between newfound prosperity and social challenges.

This material is an AI-assisted summary based on publicly available sources and may contain inaccuracies. For the original and full details, please refer to the source link. Based on materials by Leia Marie Parker. All rights to the original text and images remain with their respective rights holders.