Texas Tech University

Will Work for Crude

Bill Keffer

May 19, 2015

SHALE Magazine - Texas Tech law professor Bill Keffer discusses the economic benefits Texas has had from oil and gas production in the state.

It is the perennial platitude of all politicians. It is the Gregorian chant of gregarious challengers. It is the permanent bent of the permanent incumbent. It is the mantra of Main Street and the want of Wall Street. "It's the economy, stupid," as the Clinton administration once famously remonstrated. It's jobs. Politicians are always proclaiming the priority of their pursuit for full employment and are routinely handed their walking papers at reelection time, when the economy is suffering and jobs are scarce. Campaign platforms revolve around jobs: more jobs, better jobs, local jobs, smarter jobs and higher paying jobs. Talk about world peace and global warming all you want; when it gets down to the bottom line, it is all about the bottom line. As President Reagan pithily put it during his 1980 campaign: "A recession is when your neighbor loses his job; a depression is when you lose yours; and a recovery is when Jimmy Carter loses his."

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