re: Baker Hughes to layoff 7000

I'm in the oil industry so I know this is going to suck for quite a few but we have been living the good life the past 6-8 years or so. Oil at $100/bbl is just easy money. It was a gold rush. That's why the minimum wage was effectively $20/hr in some areas. The oil service sector was getting fat off the high demand for their service as well. Those with clear heads knew the bubble was going to burst, it was just a matter of when and how bad. It came much later than I expected and much worse. But'll reach a bottom. We'll return to mid-2000 type job numbers in the sector. We won't starve and lower energy prices will allow for other sectors to thrive. It was a great opportunity to make some money but we have to be ready for lower prices. It's inevitable when you have a "gold rush" occurring.