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re: Update, May crude oil futures now down to under $12
Posted on 4/19/20 at 10:05 pm to t00f
Posted on 4/19/20 at 10:05 pm to t00f
quote:
yes, higher oil revenues is good for the entire country.
I'm providing hard evidence that is not.
quote:
You think La is the only state hurting with lower oil prices?
You're moving the goalposts but that's okay. So tell me, how many people will lose their jobs in the entire nation due to cheap oil? According to the BLS, there are 145,000 people working in the O&G extraction industry.
Let's be very generous and say this the multiplier (support services) triples that number to 435k, and half of everybody loses their jobs. That's 217,500 jobs lost.
You're saying that America should pay $200B to $400B more in order to save those jobs? That's up to almost TWO MILLION dollars per job!
On top of that you're not taking into account all the other non O&G jobs that are created when Americans have an extra $200B to spend.
Do you have any actual facts to dispute any of this?
This post was edited on 4/19/20 at 10:09 pm
3
Posted on 4/19/20 at 10:17 pm to BeepNode
O&G Supports 9.8 Million Jobs
Old numbers but probably higher today. Texas alone probably loses more jobs than you have counted.
Old numbers but probably higher today. Texas alone probably loses more jobs than you have counted.
This post was edited on 4/19/20 at 10:21 pm
Posted on 4/19/20 at 10:45 pm to BeepNode
quote:
Do you have any actual facts to dispute any of this?
I’m not the poster you’re responding to, but I’ll take a crack at it.
1. The BLS numbers you cited are very limited in scope. The oil & gas industry supports millions of jobs when you account for midstream, transportation/logistics, and indirect economic activity. Not to mention the impact on the finance industry.
2. OPEC’s goal is not to keep the price of oil at sub-$20/bbl forever. They want to put their competition out of business to maintain market share. Despite your lack of concern for the US oil & gas industry, the shale explosion is the main reason oil isn’t $100/bbl anymore. If those producers go under and the Saudis gain market share, higher prices are inevitable. And a second reckoning in less than 10 years might be enough to scare investors away permanently.
3. The negative economic impacts of low oil prices are felt much faster than the positive impacts of low prices at the pump.
4. Oil demand is a strong indicator of the economy’s overall health. When oil prices bounce back, it likely means people are going back to work and the wheels are turning again.
Posted on 4/19/20 at 10:51 pm to BeepNode
You clearly know nothing about the industry if you cite anything, reputable or not, that says there are only 145,000 people that work in O&G extraction industry.
I’m not disagreeing with your premise of your argument but just felt compelled to correct you there because that is laughable.
I’m not disagreeing with your premise of your argument but just felt compelled to correct you there because that is laughable.
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