Yes, Texas is certainly in danger of sliding into a deep recession due to decreasing oil prices. Oil has long been the mainstay of the Texas economy, and if workers are laid off, that will have a serious ripple effect on all other industries. People may start moving way as well.
Oil prices have fallen by about 50% between June and December 2014. A similar drop in oil prices occurred in 1986 and caused a regional recession with Texas under performing the national average. The oil and gas industry is about the same share of the economy as it was in 1986. So similar affects are likely due to the recent drop in oil costs. Additionally, some oils wells are unprofitable at lower costs causing jobs to be cut.
Anyone who knows anything about Texas knows that oil is a huge part of its economy; just ask the Bush family, who have ridden their enormous fortunes, largely from oil, to tremendous political stature and influence. With oil prices going down, Texas will have to find another source of economic activity to keep the state afloat.
Texas is largely dependent on oil to sustain its regional economy and both crude and natural oil prices are falling sharply. In the past during such periods, Texas has struggled and slipped into recession. However, as Texas is bolstered by the rest of the United States it should be able to overcome the recession without too much hardship.
My father works for a Dairy company (Oak Farms), and he's not kidding when he says that when fuel goes up, everything goes up, because of the associated logistical costs. While a few businesses might go under, the vast majority of businesses (and consumers) will benefit from the lower fuel costs. Prices will be cheaper, people will buy more, wages will go up.
The oil industry won't actually lose many profits, because when things are cheaper, people buy more!
Plus, people like to forget that Texas serves as a corporate tax haven of sorts. Technology, automotives, etc. are all HQ'd in Texas. Frankly, oil prices are only a small piece of the pie.
I live in a suburb of Austin, Texas and I must say that a decline in oil prices will definately not lead to a rescission here. It could hurt the economy of Houston which is a major port city that relies heavily on oil imports and refining. However in North and Central Texas the economy is mostly service based so oil prices will have virtually no effect here. I don't know if you guys still think that all Texas is. Is a bunch of crazy gamblers hoping to strike it rich on oil but now we are a bunch of people hoping to invent the next great high tech device.