City View, Segment 1, May 3, 2015

HOUSTON -- A look at the impact of falling oil prices on the Houston economy. Three giant oilfield firms with headquarters in Houston - Schlumberger, Halliburton and Baker Hughes have announced more than 20,000 layoffs in recent months.

Luis Giusti, former CEO of PDVSA, Venezuela's state oil company and Gustavo Cortes, an oil expert out of Brazil discuss why prices have fallen and if an economic turnaround is on the horizon.