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."
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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."
Nevertheless, some areas in Texas have already been hit hard by oil's fall, according to Parallel Petroleum's former CEO. "I live in Midland, Texas and it's been extremely difficult in all the service companies [in the area]," Larry Oldham told CNBC's "Power Lunch" on Friday. "[An oil price drop] has a major effect on the economy. There are a lot of other industries related to the oil industry."
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Oldham added that he believes it will take years for the oil industry to recover from this price plunge, unlike its recovery from the 2008-09 price plunge. "In 2008-09, the shape of the [oil] curve was like a 'V,' " he said. "We thought we had [oil] demand destruction, but the fundamentals of the oil industry were still in place, so oil snapped back pretty quickly. This is going to be, in my opinion, more of a U-shaped recovery. It's going to be long, drawn-out, protracted recovery."
U.S. crude settled at $52.72 per barrel, up almost 3 percent. Brent crude settled at $61.49 up about 4 percent.