More than half of the publicly traded companies in Houston are oil and gas related. Nearly three-fourths of them have dipped lower in the past 12 months.
Brian Busch, director of oil markets and business development at Genscape, said not just Houston, but the entire world is facing an oil supply-demand imbalance.
"We are oversupplied with crude production right now, given what the world demand is, and until the economy picks up, it's going to continue," he told CNBC's "Power Lunch" on Tuesday. "We have over 100 million barrels of storage in tanks above where we were this time last year."
Busch said he thinks U.S. oil production might see a decline of another 800,000 barrels a day, especially when considering not only the existing overproduction but also new output coming from Brazil, Iran and potentially Libya.
He added that this global supply-demand imbalance isn't going to correct itself anytime soon.
"Right now, I don't see it," Busch said. "I don't see anything on the horizon that makes me believe economics are going to pick up in China or Europe. And I certainly don't see anything that makes me think that OPEC is going to blink or the Russians are going to cut back."