School districts in oil producing regions across Texas have been struggling in the aftermath of the oil bust, reports The Texas Tribunein its new series “Rough Patch: How plunging oil prices are reversing fortunes across Texas.”
If oil prices continue to languish, it could have devastating effects on some districts in the state. Some districts are already dipping into savings to break even, and several are projecting sizable deficits for the upcoming budget year. “People don’t realize what a catastrophic thing this is going to be for schools,” said Cuero interim schools superintendent Ben Colwell. “They need some kind of safety net, and they just don’t have it right now.”
Many district superintendents are hoping oil prices will bounce back and save them from a budget nightmare. Industry analysts expect they will, though how quickly it will happen remains to be seen.
