The Texas Tribune recently took a look at how the oil bust is affecting the town of Perryton, in the far northern Texas Panhandle near the Oklahoma border. This isn’t the first oil nosedive the residents have seen. For many the downturn brings to mind the precarious 1980s. Back then, in 1987, the whole town threw an “oil-bust bash” to lift their spirits.
Folks in Perryton know a thing or two about weathering storms. “We’re survivalists,” says City Manager David Landis. “We take care of business—whatever we have to do.” The economy has certainly slowed in Perryton. Traffic still coasts down the town’s main artery, though not as much. Still, the retail sector remains relatively healthy. It helps that Perryton is the biggest town in a wide radius, supplying hamlets as far away as southern Kansas.
Even some local oil drillers are finding ways to get by. Local Producer Remnant Energy has drilled three new vertical wells over the past six months.