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Message
re: Update, May crude oil futures now down to under $12
Posted on 4/20/20 at 6:53 am to BeepNode
Posted on 4/20/20 at 6:53 am to BeepNode
quote:
laid out, with facts, why cheap oil is GOOD for the economy. Just like cheap textiles, cheap steel, cheap paper, cheap electronics, cheap furniture, etc are all good for the economy. It's weird to think that oil is the only commodity that we should want to pay more for.
Here’s the guy advocating to get rid of 5-10% of our GDP again, because it would be good for the economy.
Yes shrinking our economy will be, in fact, better for our economy
None of the other industries you mentioned have the combination of specialized skill and capital investment required to make it work. That is a ton of fixed cost you are letting walk for cheap gas, in the short term.
1
Posted on 4/20/20 at 6:58 am to OceanMan
quote:
None of the other industries you mentioned have the combination of specialized skill and capital investment required to make it work. That is a ton of fixed cost you are letting walk for cheap gas, in the short term.
Posted on 4/20/20 at 7:22 am to BeepNode
quote:
Based on the data, I doubt it'll be more than 200k
Say buddy, someone gave you some bad data.
Im sitting 100 miles south of Mobile on a production platform right now. Just on my platform alone we have let a crew of 18 and another crew of 12 go in the past month. I know 9 other people who don't work on this platform with me that have lost their jobs as well. That's 39 people that I know personally that have lost their jobs so far.
We were handed out 5% pay cuts about a month ago and 2 of our guys decided they weren't gonna be sticking around for that, so they left. So that puts my total at 41 people that I know are without jobs in O&G.
The rest of the company was handed out 30% pay cuts, so I'm sure there is a rather large number of people who decided that they weren't going to be sticking around for that. Im basing that off of the fact that a 5% cut, ran 2 people from my platform off. Ill let you extrapolate the numbers. I'm sure your data doesn't take those numbers into effect as they weren't "laid off" per se, but are still without a job due to the current circumstances.
Either way, you sound like an idiot posting about something that you have zero experience with.
Posted on 4/20/20 at 7:23 am to notiger1997
Around 11.66 right now.....Louisiana fricked multiple ways going forward. The turistas aren't coming for a while and now with oil cheaper than a case of Natty Light.....welll?????
All we got now is Gordon, Spencer Callahan, Dudley Debosier, etc.
All we got now is Gordon, Spencer Callahan, Dudley Debosier, etc.
Posted on 4/20/20 at 7:24 am to Errerrerrwere
quote:
It’s not sustainable. And you would rather hurt the economy and your fellow citizens than keep it strong. All because of your fricked up political religion. We get it. Because that’s the exact thing you’ve been advocating for for over an hour now.
Please shut up, I’m actually embarrassed for you
Posted on 4/20/20 at 7:27 am to LSU7096
quote:
Enjoy it now, once economies are running in 18 months, the oil cartels will keep demand restricted to inflate prices. Push too many US producers out of business, it's not as easy as turning on a switch to restore the 1 to 2 million barrels per day we will lose due the lack of drilling in the USA. Oil will be above $80/bbl where Saudi Arabia needs the price for their internal budget
None of this is accurate. Not one bit
Posted on 4/20/20 at 7:28 am to im4LSU
What's sad is that the idiot average OT poster will just make a joke about the oil field trash losing their job. In reality, most of the people who work in O&G are educated smart people who make damn good money.
Then add in all of the support companies such as engineering, logistics, construction, maintenance, catering, etc, and this has a huge ripple effect on the economy. It's just horrible to see if you are smart enough to look at it all as a whole.
Then add in all of the support companies such as engineering, logistics, construction, maintenance, catering, etc, and this has a huge ripple effect on the economy. It's just horrible to see if you are smart enough to look at it all as a whole.
Posted on 4/20/20 at 7:29 am to Tonio
Posted on 4/20/20 at 7:30 am to im4LSU
quote:
Either way, you sound like an idiot posting about something that you have zero experience with.
How does your personal anecdote of your company laying off workers have to do with anything? The point is the economy is better for the consumer when commodity prices are low. Why does everyone get so butthurt when the commodity is oil? I too work in oil and gas but this is just a fact. I too have also been laid off, you’ll be ight I promise baw
Posted on 4/20/20 at 7:38 am to notiger1997
Lol since when did oil and gas workers not get laid off? This comes wit the territory if you want to work in the industry. When has there ever been a stable market for a long period of time?
This post was edited on 4/20/20 at 7:40 am
Posted on 4/20/20 at 7:48 am to hubertcumberdale
We are the worlds largest producer of Oil.
We sell our oil/gas to other countries that don't have resources.
Federal and state coffers are filled with oil royalties.
Americans engineer firms engineer most oil and gas projects around the world.
That is just the start of why the oil industry is important to America. I would say one of the most important industries.
Cheap gas while great for non producing countries is not good for the USA.
Simple enough for you ?
We sell our oil/gas to other countries that don't have resources.
Federal and state coffers are filled with oil royalties.
Americans engineer firms engineer most oil and gas projects around the world.
That is just the start of why the oil industry is important to America. I would say one of the most important industries.
Cheap gas while great for non producing countries is not good for the USA.
Simple enough for you ?
Posted on 4/20/20 at 7:48 am to hubertcumberdale
quote:
How does your personal anecdote of your company laying off workers have to do with anything?
My post specifically addressed his statement of "Based on the data, I believe it'll be less than 200k". Referring to the amount of people in O&G that will lose their jobs.
quote:
The point is the economy is better for the consumer when commodity prices are low.
This wasn't my point. Nothing about my post was referring to price points. If he wants to harp on his "data" he should make sure its correct. He seems a little too short sighted to really grasp the bigger picture though. I'm just pointing out that if hes naive enough to think that the number will be less than 200k, then he probably shouldn't be taken too seriously.
quote:
I too have also been laid off, you’ll be ight I promise baw
So you bring my number higher, up to 42. And I'm not worried about myself. Im in a good spot.
quote:
Lol since when did oil and gas workers not get laid off?
Oh shut the frick up. Yes, every job in the world is susceptible to lay offs. Dont act like this is your typical, run of the mill, simple downturn. The whole fricking country is shut down
This post was edited on 4/20/20 at 7:56 am
Posted on 4/20/20 at 7:50 am to Tiger Roux
quote:
Simple enough for you ?
Simple minds still can't figure it out.
Posted on 4/20/20 at 7:54 am to hubertcumberdale
If anyone would be advocates for renewable and alternative energy sources you’d think it’d be these oil field baws who worry about job security every other month
Posted on 4/20/20 at 7:58 am to im4LSU
I think he thinks it’s just extraction.
It’s also service companies and distributors of products.
My friend got laid off from a service company. They laid off 1300 people in 1 day.
I work for distribution and they have laid off 30% and closed field branches. After today, I might be laid off as well.
This definitely affects more than 200k people.
We don’t even need it to be $80 to still be employed. Plenty of people were employed when it was $55-60.
It’s also service companies and distributors of products.
My friend got laid off from a service company. They laid off 1300 people in 1 day.
I work for distribution and they have laid off 30% and closed field branches. After today, I might be laid off as well.
This definitely affects more than 200k people.
We don’t even need it to be $80 to still be employed. Plenty of people were employed when it was $55-60.
Posted on 4/20/20 at 8:03 am to 13SaintTiger
The price is too high for those still. They cant compete with cheap oil.
Do some research and you will be amazed. For sure I would switch to one of those in a heartbeat if it was actually possible. It's a pipe dream.
Do some research and you will be amazed. For sure I would switch to one of those in a heartbeat if it was actually possible. It's a pipe dream.
Posted on 4/20/20 at 8:09 am to im4LSU
quote:
Oh shut the frick up. Yes, every job in the world is susceptible to lay offs. Dont act like this is your typical, run of the mill, simple downturn. The whole fricking country is shut down
If this keeps up soon to add alot medical personal that do not work in er's and many other types of people. So i'm not gonna pile on to the oil baw's because we all might be feeling the pain soon.
Posted on 4/20/20 at 8:26 am to Nado Jenkins83
quote:
The price is too high for those still. They cant compete with cheap oil.
Do some research and you will be amazed. For sure I would switch to one of those in a heartbeat if it was actually possible. It's a pipe dream.
My point still stands
Posted on 4/20/20 at 8:29 am to FLObserver
quote:
So i'm not gonna pile on to the oil baw's because we all might be feeling the pain soon.
exactly
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