Marcus Hiles On Historic OPEC Agreement’s Impact On Houston Economy

Two months since the Organization of the Petroleum Exporting Countries’ (OPEC) historic agreement to stabilize the market by cutting crude production for the first time in eight years, the price per-barrel has nearly doubled after dropping to a low of $26 in the prior February. In Greater Houston, the center of U.S. oil production, the deal has boosted the industry’s recovery from a two-year downturn and jumpstarted local economies. Texas real estate executive and CEO of Western Rim Property Services, the state’s most renowned luxury property developer, Marcus Hiles predicts that as Houston based energy companies continue to expand in 2017, communities across the metropolitan area will see higher employment rates and corresponding wage hikes.

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