Oil Boom Towns Prepare For A Bust

MIDLAND (October 15, 2013)--In the oilfields of Texas and North Dakota, communities enjoying the most prosperous economic boom in a generation are also thinking about the days after the surge in drilling is over.

Residents of cities such as Midland know that the runaway riches will eventually run out and they’re taking steps to ensure their communities make soft landings.

Midland Mayor Wes Perry warns his neighbors not to "go overboard" because the good times can't last forever.

When the energy market eventually declines, the city wants to avoid being burdened with crushing debt or too many employees, so sales tax revenue is used only for one-time projects, such as street repairs.

Police officers are hired piecemeal, two or three a year, as the population increases.

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