JPMorgan Chase CEO Jamie Dimon warns of a coming economic hurricane, but high energy prices will soften blow to Texas, writes business columnist Chris Tomlinson.
All too often running and installing the updates is met with error messages that seem to have no simple way to resolve.
Less spending is the cure for inflation. The Federal Reserve is doing its part by making money more expensive to borrow, but most past attempts to slow inflation have led to recessions. An unexpected spike in energy prices and higher interest rates could shrink the economy too quickly and trigger layoffs.
Texas’s energy income will soften the blow here. But we should start laying the groundwork to move past our economic reliance on the oil patch. The rest of the world is moving away from fossil fuels. Preventing the worst of climate change will require the world to reduce oil consumption by 60 percent and natural gas by 45 percent, according to the U.N. Intergovernmental Panel on Climate Change. The world needs to double our spending on clean energy projects, including mining for metals and minerals, which presents a $90-billion-a-year opportunity.
Texas will profit while helping meet the world’s interim energy needs with oil and gas. But the state’s future relevance depends on transitioning to clean energy. Only then can we feel confident that we can handle any economic hurricane that comes our way.Featured Business Stories
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