Texas could be the world's clean energy capital. There's just one problem: politics
. But the business community driving the state’s economy gives a different impression. Chatting at a sleek Italian restaurant in Houston’s eclectic Montrose neighborhood, Tudor sounds more patrician than partisan. We talk about oil prices, yes, but also about Houston’s diversity and civic life, and the divergence between energy-industry financial returns and the region’s economic development.
But it’s hard for a transition to catch on when there’s so much money to be made in petroleum. At times over the course of the past 50 years, oil and gas has constituted 15% of the state’s economic output,from the Federal Reserve Bank of Dallas, and the state’s broader economy in turn oriented toward fossil fuels as well. The industry’s prospects have whipsawed lately. The sector already had been under-performing the rest of the stock market in the years before COVID-19 hit.
Texas Governor Greg Abbott speaks during a press conference in the Permian Basin on Feb. 1, 2022 in Midland, Texas.Across the state, investments from new and incumbent players aim to make Texas a world leader in green hydrogen, a clean way to store renewable energy.
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