Citing drop in revenues, Moody's Investors Service has lowered Houston's $3 billion of general obligation debt by one level to Aa4. Lower oil prices and restrictions on raising taxes are keeping further pressure on Houston's economy.
Wall Street faced slight losses in the stock market on Monday as the drop in oil price burdened energy stocks. Investors are shying away from these energy stocks owing to the fall in crude prices.
Berkshire Hathaway made a significant investment in the energy firm Kinder Morgan during the final three-month period of 2015. This investment activity highlights Berkshire's increasing bet on the oil sector.
Seadrill would be expecting soaring profits in the next few years as energy companies venture into difficult waters.
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