Big business based on unreliable foundation: centres of petroleum industry in the U. S. banking system (1970s — mid 2010s)

Abstract

The paper is focused on situations in Dallas and Houston (i.e. the largest U.S. cities with petroleum-
oriented economy), which are considered as examples of influence of unpredictable oil price
fluctuations on local banking activities. Analysis of statistical and other sources, embracing long-term
period from the early 1970s to the present, shows that there is a significant dependence (although
somewhat declining during the latest 20 years) of banking achievements of Dallas and Houston from
global oil prices. Besides, there are analogous phenomena in contemporary economic history of other
counties, including Russia