Hypothetical: What If All The Oil Dried Up In The Permian Basin

Midland-Odessa, Texas -- Once you move or visit our small area of the Permian Basin, you can get a sense of the undeniable notion that this region thrives on the oil industry.  Whether it be visions of pumpjacks on the horizon or the massive amount of oil industry culture that lines the city, there is essentially no escape from the enormous impact oil has on our area and our culture.

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Hypotetical Scenario:

With the region so dependent on the oil industry, one would think of what would happen if it all dried up overnight. Let's suspend disbelief on the HOW something like this could happen, and let us pretend it just did. Overnight, every ounce of oil underneath our feet suddenly gone.

National Impact:

Almost immediately, the impact on the Permian Basin and the rest of the country would feel the effects. The Permian Basin is responsible for roughly 40% of the U.S. crude output.  Gas prices would definitely go up significantly.  This would also make the United States more dependent on oil-rich countries.  Prices at the pumps would not be the only thing to skyrocket in price.  The economy overall would worsen, and inflation would run rampant.

Local Impact:

It is safe to say thousands of oilfield workers and professionals would be out of a job.  This would surely affect other industries that are closely tied to the oil and gas industry.  So it wouldn't only affect people directly in the oil industry, but would likely hit the economic region exceedingly hard.  Aside from the mass layoffs and the economic fallout, it is also likely that crime would go up as well.

Population Impact:

With so many workers out of work, it is fair to say that many people would move away from the area in search of work, thus reducing the population size overall for the entire region.

Future Impact:

While this sort of scenario would be devastating on a national and local level, this would force Americans to invest in infrastructure for alternative energy.  However, setting up such infrastructure would take decades.  It is almost certain that the United States would face many years of hardship as a result of the oil in the Permian Basin drying up.  Let's be glad this situation is just a hypothetical.