Oil town Odessa, Texas’s director of economic development Tom Manskey tells the Texas Tribune that his town and the Permian Basin region at large could take a beating if convicted felon President Trump’s seizure of Venezuela’s oil wealth ends up being a real thing and the market is flooded.
“I would imagine it would have a negative effect on our region with regards to jobs and everything else. We’re in a very unpredictable economic time, and I think that’s just adding to it. There’s no predictability right now in the marketplace,” said Manskey in response to Trump’s pledge to bring prices down to $50 a barrel when the industry needs a minimum of $62 to break even.