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Started By
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re: Texas A&M: A warning to petroleum engineering students
Posted on 10/16/14 at 10:41 am to Sid in Lakeshore
Posted on 10/16/14 at 10:41 am to Sid in Lakeshore
quote:
When the O&G industry craps out, you have nowhere to go.
Since this won't happen in our lifetime we should be prepared.
quote:
Goelogists are like PETE, they come and go with the O&G industry.
You proved your stupidity not once, but twice in this sentence.
4
Posted on 10/16/14 at 10:53 am to TigerHam85
quote:You are either very young or have no idea about the oil/gas industry.
You proved your stupidity not once, but twice in this sentence.
In the late 80's and early 90's many geologist and PE were unemployed and had to leave the industry because the price of oil was to low to justify drilling new wells.
The state of Louisiana had an out-migration of more than 20,000 people during that period.
The O&G industry is historically very volatile but the last 15-20 years has seen a great run because of high prices and new technology. But the new technology means nothing without the price being high enough to support it.
Posted on 10/16/14 at 10:53 am to TigerHam85
quote:
Since this won't happen in our lifetime we should be prepared.
If oil prices continue to drop and go below $80/barrel, domestic production will certainly sharply decline since it makes fracking tar sands and similar shale oil formations uneconomical.
Posted on 10/16/14 at 11:01 am to TigerHam85
quote:
TigerHam85
Keyboard warrior, I see.
quote:
Since this won't happen in our lifetime we should be prepared.
Do you have no historical perspective or the ability to follow the logic of this thread? The oil industry has hit on hard times in the past and will do so again. Book it.
quote:
You proved your stupidity not once, but twice in this sentence.
So your thesis is that downturns in the O&G industry do not result in hard times for geologists, geoscientists and the like....
Sorry to burst your bubble, hope you never find out how wrong you are.
ETA: I see some posters with knowledge have responded. I'm not knocking Geosciences. Its a great discipline. The majority of the higher paying jobs for that discipline are tied to O&G. That's just the way it is.
This post was edited on 10/16/14 at 11:05 am
Posted on 10/16/14 at 11:02 am to TigerHam85
quote:
Since this won't happen in our lifetime we should be prepared.
How are you so certain about that?
Oil is already down to $80 a barrel. Can the industry keep booming at this price? Yes. Will the price stay high? No one knows. The recent boom we've had (~the past 10 years, minus the hiccup during the recession) is very similar to the 70's-early 80's. Everyone was hiring then, oil price was through the roof, enrollment numbers were tripling in university O&G programs. That lasted about 10 years then the bottom fell out, people lost jobs, companies stopped hiring, no one was going to school to be a geologist or PETE anymore. In fact, the petroleum engineering department at LSU had maybe 10 students per graduating class in the 90's.
Not saying it will or will not happen again, but it's entirely possible. The oil companies (well, the ones that survived, anyway) lived through it in the 80's, and they know it could easily happen again. I hope it doesn't but it's a cyclical industry.
This post was edited on 10/16/14 at 11:05 am
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