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West Texas oil patch seeking bailout
Posted on 3/20/20 at 9:47 pm
Posted on 3/20/20 at 9:47 pm
LINK
quote:
Texas regulators are considering curtailing oil production in America’s largest oil-producing state, "something they haven’t done in decades", the WSJ reports citing sources. Additionally, the report goes on to note that several oil executives have reached out to members of the Texas Railroad Commission, which regulates the industry, requesting relief following the oil-price crash. In other words, oil is joining every other US industry (including movie theaters) in seeking a bailout.
12
Posted on 3/20/20 at 9:54 pm to TejasHorn
We can't afford to bail all of these industries out. Not even 1/4 of them. We are going to see entire sectors of the economy go bankrupt unless this shutdown is lifted in a few weeks.
Posted on 3/20/20 at 10:00 pm to fallguy_1978
quote:
We can't afford to bail all of these industries out. Not even 1/4 of them. We are going to see entire sectors of the economy go bankrupt unless this shutdown is lifted in a few weeks.
100% agree. This is the collateral damage the "ends justify the means" and "the greater good" folks don't get.
Posted on 3/20/20 at 10:09 pm to TejasHorn
As someone in the industry, don't bail the industry out. Simply tax the piss out of OPEC+ oil imports.
American jobs and American dollars stay at home, we become energy independent, no more of our young men and women have to die in the Middle East.
American jobs and American dollars stay at home, we become energy independent, no more of our young men and women have to die in the Middle East.
Posted on 3/20/20 at 10:12 pm to TejasHorn
quote:the price isn't doing that?
Texas regulators are considering curtailing oil production in America’s largest oil-producing state
Posted on 3/20/20 at 10:13 pm to Boring
The oil industry wasn't crying uncle when gas was $4.00 a gallon. You should have saved some of that money and paid down your debt.
Posted on 3/20/20 at 10:13 pm to AndyCBR
quote:
100% agree. This is the collateral damage the "ends justify the means" and "the greater good" folks don't get.
And white collar jobs will be impacted as well. It will trickle up to most sectors of the economy. Your CPA firm might have 20% layoffs in 3 months because we crippled most small businesses. But enjoy working from home for 2 months by all means.
Posted on 3/20/20 at 10:14 pm to fallguy_1978
My dad retired from BP and went into consulting,
This post was edited on 3/20/20 at 10:15 pm
Posted on 3/20/20 at 10:14 pm to Mud_Till_May
The old economic order is crumbling away and something new is sprouting up to take its place
Posted on 3/20/20 at 10:15 pm to Boring
We are energy independent. That’s not the reason we keep importing
Posted on 3/20/20 at 10:17 pm to Mud_Till_May
quote:
The oil industry wasn't crying uncle when gas was $4.00 a gallon. You should have saved some of that money and paid down your debt.
I have $0 debt and drive a Toyota Corolla but will likely lose my job this year for the first time ever. That make you feel any better?
Posted on 3/20/20 at 10:17 pm to fallguy_1978
Flatten the curve
Posted on 3/20/20 at 10:18 pm to TejasHorn
I don’t see how the entire monetary system doesn’t collapse. Eliminate the central bank and eliminate all debts. Start over. If your name is on co-ownership, it’s yours.
Posted on 3/20/20 at 10:19 pm to TejasHorn
quote:
It is unclear whether regulators will ultimately act to curtail production, but staffers are examining what would be required in such an event.
Nice attempt at fake news, teasip.
Posted on 3/20/20 at 10:19 pm to Rize
quote:
My dad retired from BP and went into consulting
My dad ran construction projects for chemical plants and refineries all over the country and some internationally. He did consulting on the side for a few years as well after he retired in 2003 or so.
Posted on 3/20/20 at 10:20 pm to TejasHorn
They want a bailout now but I guarantee you they “hate” socialism and criticized the auto companies that took Gov’t bailout money under Obama.
Posted on 3/20/20 at 10:26 pm to genuineLSUtiger
quote:
The old economic order is crumbling away and something new is sprouting up to take its place
Don't fool yourself. During the great Depression the government was borrowing from these industries and before you know it, we had the Federal Reserve.
These same industries plus weapons and technology companies are now in control. Thats why they get the bail outs and we get left holding the bill.
Posted on 3/20/20 at 10:28 pm to slinger1317
quote:
They want a bailout now but I guarantee you they “hate” socialism and criticized the auto companies that took Gov’t bailout money under Obama.
Under true socialism the government would take over all of these failing industries. Government run airlines, cruise ships, movie theaters, oil companies, hell, restaurants too
This post was edited on 3/20/20 at 10:28 pm
Posted on 3/20/20 at 10:32 pm to slinger1317
I don’t know the answer but oil is subject to international politics more than any other industry and crucial to national function & stability IMO. The US banks, auto industry, etc. have ruined themselves to some degree but most forces are out of control for US oil producers.
Posted on 3/20/20 at 10:47 pm to redstick13
quote:
redstick13
I feel bad for you guys still out there but really I don't give a shite about the companies. They layoff employees as soon as they see a little slow down and refused to hire a lot of us back that had 20+ years experience in the oilfield. They have zero loyalty to their employees we were just numbers.
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