Texas Expects to Lose 250,000+ Jobs Due to Oil Price Collapse

Parsley Energy CEO Matt Gallagher on Wednesday told CNBC’s Jim Cramer that  Texas must issue an oil production cut, or risk putting almost 1 million jobs across the country in jeopardy.

Gallagher  said there are “360,000 jobs just in the state of Texas, close to 1 million jobs across the country, supported in [the] oil and gas sector and the service sector.” “If those companies are shut down for 2-3 months, they will not come back and we will be reliant on domestic imports again like we were before the last decade,” he warned.