re: Just got hit with a 2nd round of company wide layoffs

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Not to hurt feelings, but if this is like the last in the 80s, from the high price in 2007 it will be ~20 yrs before a true oil bottom is in. We might get some bounces into the $60/bbl range on some geopolitical upheaval, but these bounces will be short lived IMO.

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Maybe, but this is different than the 1980's. You had a massive amount of Saudi crude surplus that had to be worked off in the 1980's. the current surplus is only 1.5-2.5 MMBPD of extra capacity depending on which analyst or outfit you believe. Decline rates are different on current production and we don't have any major new sources of cheap oil coming on the market like the north sea or Alaska did in the 1980's. The supply increases have mainly come from US/Canada tight oil and oil sands and then Iraq and Saudi in the middle east along with high Russian output. These outputs won't continue for very much longer at $40 per barrel as maybe only the Saudi's can come close to holding production steady. The only wildcard is the worldwide economy and if we see an outright demand collapse. There will certainly be more pain and we might see a year or more of these depressed prices but it's worth noting the 1980's was a different situation.

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I'm still good, but someone tell me that things are going to recover by the spring.

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Friends at Worley-Parsons issued the same look-ahead for 2016 that they did for 2015: UNCERTAINTY.