While many have welcomed lower oil prices with open arms, others advise people to watch out.
"People don't think they're getting laid off yet," Tilman Fertitta, CEO of Landry's, a Houston-based restaurant, hotel and casino company, told CNBC's "Power Lunch" on Friday. "But you see every day in the Houston newspapers [that] you are starting to have layoffs [and] shutting down the rigs. The capex, [which] creates jobs, is slowing down. The capex, [which] creates jobs, is slowing down. We're going to have to see what happens."
Fertitta added that layoffs are imminent at less-than $65-oil. He also said, however, that oil's massive drop has not negatively affected his business because of the savings low oil has provided many families. "Now if oil keeps falling into the $30s, the layoffs are going to overcome that. So that's what we have to watch for."