Projected impact on the state's economy far surpasses that of several droughts in the 1960s and 1970s and even 1996, Texas Agricultural Extension Service researchers say. But the losses aren't occurring solely because more crops were lost than in prior years. Unlike 1996, Texas crops are suffering a great deal worse than those in other states, meaning that prices remain low because there are few shortages.
Shortages lead to higher prices and sometimes help farmers recoup some of their losses.
The difference in prices means that 1998's drought is not only destroying more crop than was destroyed in 1996, it is costing farmers more. Don Stafford, a cotton farmer near Lubbock, says he isn't certain he will be able to hold out another year. I don't know if we'll make it until next year at this rate. It's easy to say this year is worse than 1996. Only 3.3 million acres of upland cotton are expected to be harvested this year.