re: Update, May crude oil futures now down to under $12

I am just going through my head. Janitor services, restaurants, hunting and fishing guides, strippers, office landlords (and on and on) in Texas and Louisiana alone. These areas are 100% dependent on oil.

Hell the State government of Louisiana may have to shutdown.

quote:

---

O&G Supports 9.8 Million Jobs


Old numbers but probably higher today.

---

You really believe that? So the study funded by O&G is the truth but the BLS is lying?

Let's break it down.

1.) they are including "indirect jobs" in those number and doing so very liberally at almost a 4x multiplier. In the report it says 2.5m work in O&G in general.

2.) This is for all O&G activities. We are talking about exploration and extraction. People at gas stations and refineries will still be employed for the most part.

On table 4 of the paid "study" it says there are 783,800 jobs in O&G extraction, including NGL. It sites the BLM as the source.

Yet, if you go to the BLS website it says there's 156,500 jobs in that sector. source: https://www.bls.gov/iag/tgs/iag211.htm

Even more problematic for the "study" is that you can look at the historical data on BLS's site and at no point were there that many jobs in the US under those codes.

Actual data:



But wait, it gets worse..

The PwC study double counts jobs by including the umbrella BLS codes AND their sub categories and then adding them all up. This is pretty fricking amazing and borderline criminal.

If you look at table 4 they have a line for NAICS 211 which includes all O&G extraction jobs. Then they also include lines for 213111 and 213112 which are already included in 211. source: NAICS

Man, you guys are being played.

quote:

---

You are playing yourself if you think only 200k people will be unemployed bc of this oil crash.

---

They're all due to COVID-19 according to the PPP loan paperwork.

Based on the data, I doubt it'll be more than 200k, but it'll be hard to separate that out from the fact that the entire world is shut down for a couple of months.

I was responding to a claim that we'd be better off paying $1.50 more for gas. This equates to $400b or so more spent by Americans if you include other oil based products. $400b is about $2m per lost job so I would say that is a good trade, economically speaking.

Even if it's 400k jobs the nation is still better off with cheap oil. You'd have to lose 2 or 3 million jobs to even come close to justifying $3 gas.

quote:

---

OysterPoBoy

---

You are ten times the troll that el gaucho is

quote:

---

That means refineries can buy it from Saudi Arabia for cheap

---

You said all I need to know.

We get it. You have a hard on for the oil industry and have never been in the industry.

Noted how you called all of them “drug addicts and drunks last week.

Your neoliberalism is showing.

You know you have them on the ropes when they resort to weak ad hominem attacks.

Although, not quite to the level of that time Afreaux touted some bogus stats about Xavier in New Orleans.

quote:

---

hominem attacks.

---

I don’t think you know what this means.

But I do know one thing. I know you will die before you ever see you petroleum free utopia.

There have always been ups and downs. This will never change. Neither will you paying for it at the pump.

Until the day you die!