Here in Midland, Texas, the Last Thing Anyone Wants Is Cheap Venezuelan Oil

MIDLAND, Texas—For most Americans, cheap oil is good news. In Midland, Texas, it is a problem.

Oil prices have mostly slumped since last spring, and the U.S. intervention in oil-rich Venezuela is stoking President Trump’s desire to push prices down further. This raises a new risk for Midland, where restaurants are already less crowded, barbers are idling around waiting for customers and a host of businesses linked to the oil field are feeling squeezed. On the local Facebook Marketplace, shiny Ford F-150 pickup trucks are listed for sale at bargain prices. 

“If you want a new jet ski, right now is the best time to buy,” said Taylor Sell, chief executive at Element Petroleum, a small oil producer.

Here in the heart of the Permian Basin, America’s fracking capital, economic fortunes rise and fall with energy prices. A big electronic billboard in downtown Midland shows current market rates for oil and gas and the local oil-rig count, along with motivational slogans like “broken crayons still color.” 

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8