The price of oil is important for the budget of the state of Texas govt because Oil is the major source of revenue to the state of Texas.
This is evident in the fact Texas is the highest Oil producing state in the United States.
The Oil industry in Texas is directly responsible for about 1.8 million jobs in Texas alone.
Recently, it was concluded that the oil industry in Texas generated 411.6 billion into the state's gross domestic product.
Hence, in this case, it is concluded that the price of oil is vital to the economy of the state of Texas.
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