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, home to 590 oil and gas businesses and many more serving the sector, has a long history of booms and busts tied to the industry's volatile nature. As US benchmark crude prices fell below $60 per barrel, residents are on edge, recalling past cycles of prosperity and penury, even though large-scale layoffs have not yet materialized.

Historical Legacy and Economic Cycles

Midland's identity is built on its oil heritage, with landmarks like the Petroleum Building, constructed in 1927, symbolizing its early ambitions as a major production center. However, the Great Depression and the discovery of oil in East Texas caused prices to plummet to 15 cents per barrel, forcing many companies to close until a resurgence in 1935. The city also takes pride in its presidential connections, as the Bush family lived there in the 1950s while George H.W. Bush established his oil business. Despite this legacy, evidence of economic instability remains, such as derelict buildings like the Vaughn Building, developed during the 1950s oil boom, and the failed First National Bank of Midland, which collapsed in the 1980s due to bad energy loans.

Cultural Integration and Social Dynamics

The oil industry permeates local culture, with businesses like Crude Food catering and references in TV series such as "Landman," which dramatizes fears of oil price drops sinking fictional companies. The population, under 150,000 and predominantly Hispanic and white non-Hispanic, enjoys a lifestyle fueled by oil wealth, including car shows and outdoor recreation, as noted by a hospitality worker who remarked, "We make a lot of money out here, so we like to spend it stupidly." However, social tensions occasionally surface, such as a brawl at a newly opened Bass Pro Shops store, highlighting underlying community stresses.

Concerns and Criticisms

Not all residents view the industry favorably; some express concerns about hydraulic fracturing (fracking), the Permian Basin's primary economic driver. A cashier suspects fracking damages local roads, while another hospitality worker links it to small earthquakes. These criticisms underscore the trade-offs between economic benefits and environmental or infrastructural costs, reflecting the complex relationship Midland has with its defining industry.