In the 1980s, many lending institutions in Texas closed because A. people could not repay their loans during the oil bust. B. government tax revenues increased with the price of oil. C. maquiladoras robbed many Americans of their jobs. D. NAFTA hurt trade between the United States and Mexico.
History · Middle School · Sun Jan 24 2021
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A. The closure of many lending institutions in Texas during the 1980s was primarily due to people being unable to repay their loans amid the oil bust. The oil industry, a significant part of Texas's economy, experienced a severe downturn in the 1980s due to falling oil prices leading to economic hardships for many individuals and businesses involved in the industry. As a result, loan defaults and financial instability contributed to the closure of numerous lending institutions in Texas during that period.