re: Boom to bust: Crude oil costing families

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Prepare for the downturn?

So, a 50 year old highly educated individual with 2 children, one who is in college and another in high school, who has plenty of savings is "prepared" to lose his job and his entire stream of income?

This man could have well over 6 figures in savings, all vehicles paid off, easily attainable mortgage and still be in a bind in the near future. He's not getting another job in that industry any time soon. So what, he has to sell his house to downsize and have a lower mortgage? Daughter in college has $7,000 in tuition due this August, no problem?

When half of the country lost their money in the stock market in 7-8 years ago I was laughing saying "you stupid frickers should have been ready for this!"

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I get what you're saying here....but I do get the discontent for those that lived way too high on the hog based off of an income that wasn't sustainable over the long term.

I made some changes about 5 months ago in my life to help mitigate the sting of possibly losing my job as sort of an insurance policy. Thankfully it looks like I'll be moving on to another project after this and don't have to worry about unemployment.

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Boom to bust: Crude oil costing families

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It's like, how much more could you beat this dead horse? And the answer is none, none more.

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What fun is making money without getting to spend some?

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I don't care to buy something unless I know I can still pay for it if my business slows down but being self-employed my whole life makes me think differently than most because I don't have a guaranteed check and I understand that.

Still though it seems silly to take on that much debt for unnecessary shite because you don't even have to lose your job to get in a bind. Get sick and take on medical bills or something and you're fricked.

Can't tell you how many of the repos I deal with the people have all new vehicles, ATV's, and just shite they don't need yet they wonder why they are soon to be/now homeless.

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Well if you live in this state you will have to at some point. Smaller tax receipts, less consumption of consumer products, higher use of government services etc.

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So, you are saying we are screwed either way?

This pity party by the O&G industry is fricking pathetic.

What you are basically calling for is welfare. You want everyone else to support the O&G lifestyle at the expense of their own.

Hope you realize that fact.

i just want one logical discussion where nobody brings up trucknuts and F-250's.

I think this is the closest that we've come.

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but I do get the discontent for those that lived way too high on the hog based off of an income that wasn't sustainable over the long term.

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which equates to probably less that 10% of the entire O&G industry, but the OT makes it out to be 95%.

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As oil companies continue to cut back, Price is living with his mother again and learning a new trade: painting.

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This thread has been done several times already.

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Could someone please explain the difference between now and 2008 when gas prices were this low ? was there a OMG! were all gonna go broke attitude then ? I hate to see anyone lose their job, but i just don't fully get it.

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There was complete panic in 2008

But the cost of oil went down after the credit crunch. Gas prices were at historic highs summer of 2008

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This pity party by the O&G industry is fricking pathetic.

What you are basically calling for is welfare. You want everyone else to support the O&G lifestyle at the expense of their own.

Hope you realize that fact.

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Well unlike our neighbors to the West we live in a state that has an economy that is not very diversified. Even our non O&G industries rely heavily on the O&G industry. Our leaders haven't spent the last 30 years trying to cultivate new industry like tech as they did in Texas.

So, yes we're fricked.