Value of West Texas oil lands plunging amid virus pandemic

Texas

(Photo by PAUL RATJE/AFP via Getty Images)

HOUSTON (AP) โ€” The value of oil fields in West Texas have plummeted due to the coronavirus pandemic, which has caused the demand for crude to go down. Eli Huffman, a land broker and attorney at Houston-based Lone Star Production Co., says he has seen land prices fall below $1,000 an acre for property that used to be worth more than $10,000 an acre.

The Houston Chronicle reports that the prices for devalued oil and gas lands will not be able to bounce back as quickly if the pandemic worsens and lockdowns keep pressure on demand for petroleum.

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