Historically, the state of Texas has gone through periods of boom and bust primarily related to fluctuations in the price of ___
________. The attempts made to diversify the state's economy have helped maintain area real estate values and financial fortunes in a time of international economic tumult.
<u>The state of the Texas has its economic fortunes which are tied to rise and fall of price of the oil. </u>
There was dramatic change in the economic growth in U.S. state of the Texas with discovery of petroleum reserves. When the prices of the oil were steadily rose, the state enjoyed boom, but when the oil prices declined, state suffered losses and tensions.
Thus, by attracting many other businesses, the state, Texas diversified its economy so not to rely on the oil sector independently.
