Gas prices are down across the county and energy production has been booming in Texas, but this could be fueling a bigger problem.

"We are seeing benefits of over production and less usage," said John Graham, Graward Operating. He said these lower prices could be a bad sign for our state. "Oil is being priced now at a position that is being taken advantage of in various fields that normally wouldn't be take advantage of," said Graham.

Major oil producers like in Saudi Arabia have been producing more to compete, which usually means lower prices. If the world market price goes down, the U.S. might not be able to match those prices. It puts pressure on Texas and other oil producing states which use the fracking process. Fracking is an expensive way to get oil out of the ground.

"If this spiral continues, you will see an erosion of profitability in the United States and we will stop drilling our own resources," said Graham. Tom Mullins with the Tyler Economic Development Council agreed. He said, "it's such a huge part of our economy, and we all know people who work in the energy sector."

Mullins also said, " when prices drop and there's less production, if that happens, if production actually goes down and people start losing those high paying jobs, it impacts more people in Texas than it would in let's say New York State."

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