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Started By
Message
Texas economy is cratering
Posted on 3/30/15 at 10:16 am
Posted on 3/30/15 at 10:16 am
LINK
quote:
The crash in oil prices is hammering the Texas economy.
The latest manufacturing outlook index from the Dallas Fed plunged again in March, to -17.4 from -11.2 in February, indicating deteriorating business conditions in the state.
Expectations were for the index to show a reading of -9.
But the big most important part of this report is the commentary from Texas business leaders, who have given an on-the-ground picture of how the decline in oil prices is impacting one of the country's most oil-related economies. In March, the tune didn't change, as it sounds like things are still tough in Texas.
One executive in the fabricated metal manufacturing sector said: "Our oil and gas customers have just stopped producing. This is not an unusual event for our oil and gas customers, but what feels different about this time is no one knows when production will restart. Typically, we have to ride out 60–90 days, and this one looks like six months or more."
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Posted on 3/30/15 at 10:18 am to Jim Rockford
Sad to see all the oilfield trash selling their f250s and 30 ft Contenders.
Posted on 3/30/15 at 10:18 am to Jim Rockford
Here comes the paralegals and waiters to say "good, I like cheap gas."
Posted on 3/30/15 at 10:19 am to Jim Rockford
If your economy is based on oil, you have to expect ups and downs. Eventually it will not be the big power substance it used to be. You have to adapt to change or go broke.
Posted on 3/30/15 at 10:21 am to LSUcjb318
Welcome to Louisiana in the mid-Eighties
Posted on 3/30/15 at 10:21 am to Cosmo
I'm hoping I can use this as an opportunity to buy a good jacked-up truck and a nice house in laffy for cheap
Posted on 3/30/15 at 10:22 am to Jim Rockford
Houston, Dallas, Austin, and San Antonio are fine, though. It's the Odessas and Midlands of Texas that are suffering. Which isn't really a good thing either.
Posted on 3/30/15 at 10:22 am to Jack Daniel
quote:
Here comes the paralegals and waiters to say "good, I like cheap gas."
Yeah, except gas prices have steadily crept up.
Posted on 3/30/15 at 10:23 am to Cosmo
quote:
Sad to see all the oilfield trash selling their f250s and 30 ft Contenders.
Hopefully this joke will go the way of the dodo soon.
Posted on 3/30/15 at 10:23 am to Jim Rockford
Lower gas prices sure helps my family. frick the oil companies. Especially BP
Posted on 3/30/15 at 10:25 am to LSUcjb318
quote:
Eventually it will not be the big power substance it used to be.
Not in our lifetime.
quote:
you have to expect ups and downs.
Yes with respect to price, but they will never power an 18 wheeler to haul goods across the country with an electric motor.
Posted on 3/30/15 at 10:25 am to LoveThatMoney
quote:
quote:
Here comes the paralegals and waiters to say "good, I like cheap gas."
Yeah, except gas prices have steadily crept up.
Even with the price of oil going down....how much sense does that make
Posted on 3/30/15 at 10:26 am to Jack Daniel
quote:
Here comes the paralegals and waiters to say "good, I like cheap gas."
I'm neither of those and I appreciate the cheap gas.
Posted on 3/30/15 at 10:26 am to Jim Rockford
Obama's plan to wreck the gulf coast economy appears to be working..
Posted on 3/30/15 at 10:28 am to stout
What do you do?
Posted on 3/30/15 at 10:29 am to LSUAlum2001
Posted on 3/30/15 at 10:31 am to Jim Rockford
Don't blame anybody but your government and its bank. 13 years ago oil companies were tickled pink when oil was at $30 barrel, now they cant afford to produce at $50. What changed? Your government under the command of its bank (Federal Reserve) inflated the dollar more in the past ten years then in the history of the dollar. We shouldn't be asking what oil is going for a barrel but what a dollar is going for and how can we increase its value.
Also, the Saudi king doesn't pay taxes on his money and no lawyers or insurance companies are looking to rape him with lawsuits and outrageous premiums.
Also, the Saudi king doesn't pay taxes on his money and no lawyers or insurance companies are looking to rape him with lawsuits and outrageous premiums.
This post was edited on 3/30/15 at 10:32 am
Posted on 3/30/15 at 10:32 am to boosiebadazz
Hard to feel sorry for oil/gas companies making 20-25 billion profit a quarter when they were fricking us with $3.75 a gallon gas.
Posted on 3/30/15 at 10:32 am to Jack Daniel
quote:
What do you do?
Why does it matter?
Posted on 3/30/15 at 10:33 am to Tommy Wayne
quote:
Hard to feel sorry for oil/gas companies making 20-25 billion profit a quarter when they were fricking us with $3.75 a gallon gas.
Profit margin on oil is extremely small: 3-5%
They make a shitload because they produce a shitload, not because they are raping you at the pump.
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