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re: Oil prices expected to drop? "Expect $50 oil, but not $2 gas"
Posted on 7/15/13 at 9:33 pm to Meauxjeaux
Posted on 7/15/13 at 9:33 pm to Meauxjeaux
quote:
Well, not for the La. economy
I didn't think much of it as a kid (I had an awesome childhood), but looking back.....things were pretty bad in those days.
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Posted on 7/16/13 at 8:06 am to ThaBigFella
CVX is consolidating offices. Moving 800 employees from San Ramon and closing an office or two in Houston to move to the new building.
Posted on 7/16/13 at 9:34 am to Meauxjeaux
quote:
Probably 1982-1986, somewhere in there.
Terrible time to be in LA. If oil tanks like it did back then many posters on tigerdroppings will be unemployed. Hell our family business went from 500 employees to 70 from 1982-1983. Let us hope oil doesn't fall that much.
Posted on 7/16/13 at 10:19 am to bayoudude
quote:
Terrible time to be in LA.
I was in my teens. Remember a very wealthy family that lived on the west bank ended up losing their home and moving into an apartment. Family of 5 in a two bedroom.
My Dad's business was in crisis. I can distinctly recall the days he went to the bank to take out loans to make payroll. For a a business with about 9 people employed.
I guess it came at a good time for me because I understood enough about what was going on that I had mucho respect for my Dad and understood why he was hardly ever home and always working.
Posted on 7/16/13 at 11:03 am to Meauxjeaux
Even if oil and gas prices collapse, I don't see the economy completely tanking in Louisiana or Texas again like that. It's going to hurt like hell because of all the oil and gas there, but today there is more manufacturing, tech, higher ed, and medical jobs around than back then.
Louisiana still has some diversification to do...but New Orleans, Houston, and Baton Rouge have been trying very hard for a long time to bring in other industry and manufacturing.
It would still hurt (and you'd see an out-migration out of the region), but I think that Louisiana and southeast Texas has done a better job at diversifying than Michigan or Detroit has. A good bit of the new industry moving into the area are there because of low natural gas and and easy, cheap energy.
Do you think the gulf coast has made enough progress toward diversifying?
Louisiana still has some diversification to do...but New Orleans, Houston, and Baton Rouge have been trying very hard for a long time to bring in other industry and manufacturing.
It would still hurt (and you'd see an out-migration out of the region), but I think that Louisiana and southeast Texas has done a better job at diversifying than Michigan or Detroit has. A good bit of the new industry moving into the area are there because of low natural gas and and easy, cheap energy.
Do you think the gulf coast has made enough progress toward diversifying?
This post was edited on 7/16/13 at 11:13 am
Posted on 7/16/13 at 11:10 am to dewster
If prices hit $50/bbl Houston will implode...Midland will become a ghost town.
And the crash in the 80s occurred 85-86. The lowest modern historical price was 1998 when it hit $10...killed off the service industry.
And the crash in the 80s occurred 85-86. The lowest modern historical price was 1998 when it hit $10...killed off the service industry.
Posted on 7/16/13 at 11:14 am to cwill
quote:
Midland will become a ghost town.
Midland is purely a colony for oil and gas. There's nothing else there at all. It's fully dependent on having a realatively high price of oil.
quote:
The lowest modern historical price was 1998 when it hit $10...killed off the service industry.
I didn't realize that. Lafayette must have been emptying out.
This post was edited on 7/16/13 at 11:16 am
Posted on 7/16/13 at 12:24 pm to dewster
OPEC will not go away quietly in the night and if prices falling can interfere with US and Canadian efforts then so be it...they are not about to concede their position on the world stage...in doing so they stave off the inevitable, their waning influence as production increases elsewhere, but they will cross that bridge when they get to it..
Posted on 7/16/13 at 1:04 pm to wfallstiger
quote:
OPEC will not go away quietly in the night and if prices falling can interfere with US and Canadian efforts then so be it...they are not about to concede their position on the world stage...in doing so they stave off the inevitable, their waning influence as production increases elsewhere, but they will cross that bridge when they get to it..
The problem for OPEC is the internal dynamics of many of the countries involved. Saudi Arabia has to have a high enough price to cover the tributes paid to the citizens and the lush spending habits of the swelling ranks of princes/princesses,etc. Many of these countries could not survive in their current form if oil prices fell back to very low levels. They don't have quite the power to manipulate the market like they did 15 years ago or more.
Posted on 7/16/13 at 1:18 pm to dewster
quote:
I didn't realize that. Lafayette must have been emptying out.
Lafayette never really recovered it's O&G industry. Now it's just a bunch of brokers, some two man generation shops, a handful of small E&Ps and Stone. So there was nothing to empty out in 98 and it was more of a 1 year downturn.
Houston will be crushed by $50 oil....which isn't happening.
Posted on 7/16/13 at 1:24 pm to cwill
My parents are from Lafayette and graduated from LSU in '82. They stayed in BR because there was literally nothing to go back to in Laffy at the time. I just moved to Houston last year so hopefully this does not happen to me.
Posted on 7/16/13 at 2:21 pm to TheDiesel
LINK
The crash in the 80s bankrupted us and my family damn near lost everything and we had a lot to lose. My dad has told me crazy stories of clients picking him up in their personal helicopters just to fly him to lunch at La Fondas, Laff was booming back in the day.
Opec is going to do its damndest to keep oil from dropping. I can see it getting to 80$ not any lower though.
The crash in the 80s bankrupted us and my family damn near lost everything and we had a lot to lose. My dad has told me crazy stories of clients picking him up in their personal helicopters just to fly him to lunch at La Fondas, Laff was booming back in the day.
Opec is going to do its damndest to keep oil from dropping. I can see it getting to 80$ not any lower though.
Posted on 7/16/13 at 8:30 pm to GREENHEAD22
GH22. Do you see the oil success we're seeing ending anytime soon? I'm interning in environmental compliance(we deal with the oilfield a lot) and would like to start my own practice one day.
Posted on 7/16/13 at 8:51 pm to polizei11
quote:
Moving 800 employees from San Ramon
This was long overdue. Hell I don't know why John Watson doesn't just pack his shite up and move the whole god damned San Ramon campus to Houston...anything important Chevron does is done from here in Houston.
Posted on 7/16/13 at 9:48 pm to cwill
quote:
The lowest modern historical price was 1998 when it hit $10.
Holy shite...that would be horrible
Posted on 7/16/13 at 9:55 pm to cwill
quote:The funny thing (or sad thing) looking back is that I was in college for petroleum engineering at the time and was so busy being worthless that I don't even remember anything about oil prices being low.
The lowest modern historical price was 1998 when it hit $10
Posted on 7/16/13 at 10:03 pm to Bayou Tiger
I had just bought my first vehicle so I remember it being low. I also remember in college my professors telling me how the rising cost of natural gas would be key part of our mitigations as chemical engineers in plants...
This post was edited on 7/16/13 at 10:04 pm
Posted on 7/16/13 at 10:40 pm to jimbeam
Congrats bud, you will be a busy SOB making good $ barring me becoming pres/ruler and getting rid of the EPA and all this pollution BS.
Seriously though if I had to give advice on what to go into that would be one of my top choices. As far as O&G I do see a slowing down coming but nothing like 80s-90s when the bottom fell out. Most of these tight gas and shale plays require high oil prices to be economical. Oil staying at the 80$ barrel or less for any significant length of time and I think we will see a slowdown on a lot of the land drilling. However it takes one crazy arab shite talking to another or the jews and it could be right back up. Either way I would venture to say job security wont a be a problem for you. Manufacturing, refineries, construction, it all requires environmental compliance and impact studies nowadays.
On a side note, if you do get your own practice look into wetland environmental impacts studies. I have a friends dad who has made a killing doing it in a relative short amount of time.
Seriously though if I had to give advice on what to go into that would be one of my top choices. As far as O&G I do see a slowing down coming but nothing like 80s-90s when the bottom fell out. Most of these tight gas and shale plays require high oil prices to be economical. Oil staying at the 80$ barrel or less for any significant length of time and I think we will see a slowdown on a lot of the land drilling. However it takes one crazy arab shite talking to another or the jews and it could be right back up. Either way I would venture to say job security wont a be a problem for you. Manufacturing, refineries, construction, it all requires environmental compliance and impact studies nowadays.
On a side note, if you do get your own practice look into wetland environmental impacts studies. I have a friends dad who has made a killing doing it in a relative short amount of time.
Posted on 7/16/13 at 10:46 pm to GREENHEAD22
Wetlands is my #1 goal. Mfigured there was more money and work in O&G. Good to here though. The marsh is my passion. Lemme know if he needs workers 
Do most O&G guys do there own compliance or outsource it? My company I'm interning with deals with smaller service companies mainly but would like to know where to focusing efforts.
Do most O&G guys do there own compliance or outsource it? My company I'm interning with deals with smaller service companies mainly but would like to know where to focusing efforts.
This post was edited on 7/16/13 at 10:48 pm
Posted on 7/16/13 at 11:11 pm to jimbeam
Most companies outsource or have inhouse guys that still use outside consultants.
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