Texas, a state well-known for its close ties to the oil industry, has been able to mitigate the economic damage done by crude's price decline by cutting taxes and relying on its diversified economy, Gov. Greg Abbott said Tuesday.
"While other states have been raising taxes, we cut taxes by $4 billion ... and it is attracting businesses from New York, from New Jersey and across the entire country," Abbott said in an interview with CNBC's "Squawk on the Street."
U.S. crude prices have declined nearly 45 percent year over year and more than 8 percent in 2015. In fact, WTI futures dropped as much as 2 percent Tuesday on news Iran and world powers led by the U.S. had agreed on a historic nuclear deal before rebounding to move higher.