Non-oil and gas industries look toward future following OPEC dea - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Non-oil and gas industries look toward future following OPEC deal

Local businesses described what effects the OPEC deal would have on non-oil and gas related industries. (Source: KWES) Local businesses described what effects the OPEC deal would have on non-oil and gas related industries. (Source: KWES)
MIDLAND, TX (KWES) -

The City of Midland says due to the lack of spending in businesses like retail and restaurants their sales tax revenue for the year decreased by 20%. Hearing Wednesday’s news about the OPEC deal, those same industries hope to see a change after what they say was a dismal 12 months.

Jerry Morales, Midland Mayor and owner of multiple restaurants in Midland said, “This has been a very, very long year. Talking to my colleagues in the restaurant industry I think we had probably one of the worst summers that we’ve seen in a long time.”

Morales said at his restaurants it was hard getting people come and eat.

“When you don’t have patrons, in the restaurant it’s hard to make your payments.”

Because of that the retail and restaurant businesses had been struggling in the Permian Basin.

J. Ross Lacy, Midland District 4 Councilman said, “It was tough times, it really puts a strain on their budgets and their reserves and savings accounts as they move forward as a business.”

Lacy said the OPEC deal could allow people to do more than they would have.

“The effect of the price of oil going up benefits everyone in Midland, Texas and the Permian Basin just because there’s more disposable income to buy different goods and services,” said Lacy.

Both Lacy and Morales agreed the possibilities are endless for business in the Basin.

“The more customers are always a good problem to have for anybody on the retail side of the business," said Lacy.

“I can tell you personally as a restaurant and retail owner I’m very excited about what the future holds," said Morales.

Morales says the city will have a better idea on the state of local businesses when they look at the budget next summer.

Copyright 2016 KWES. All rights reserved. 

Powered by Frankly