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Posted on 5/8/20 at 4:27 pm to redstick13
quote:
The industry was already laying off before CV-19. Maybe they are referring to the escalation from the pandemic.
For oil companies, this really is unrelated the the pandemic.
Posted on 5/8/20 at 4:31 pm to redstick13
quote:
It will be worse. The industry hadn't fully recovered from 2015 and this downturn is worse than the one in 2015, much worse. It will trickle down into a good portion of the Louisiana economy.
Remember when the 4 lane of highway 90 ended abruptly in Morgan City? That was due to the oil bust in the 80's. This downturn could be worse.
This downturn is worse than the 80s. They didn't shut in production at most places then. Now just about everything is shutting in. The price per bbl doesn't cover the cost to produce it.
Posted on 5/8/20 at 4:32 pm to redstick13
quote:
97 percent are moderately or extremely concerned about the industry’s future
3% committed seppuku before answering the question.
Posted on 5/8/20 at 4:48 pm to Steadyhands
quote:
For oil companies, this really is unrelated the the pandemic.
How could you believe this? The pandemic threw a ton of gas on a hot fire
Posted on 5/8/20 at 4:56 pm to redstick13
quote:
The day I got my red card I asked my wife where she wanted to live if we made a crazy move right now. She listed off places in the Rockies that she likes but PNW checks all the boxes.
I've been thinking Montana or Idaho would be a good fit for me.
Posted on 5/8/20 at 5:01 pm to OceanMan
quote:
quote:
For oil companies, this really is unrelated the the pandemic.
How could you believe this? The pandemic threw a ton of gas on a hot fire
I believe it because I work in the oil industry and the pandemic is not the reason for the price of oil being so low.
This post was edited on 5/8/20 at 5:02 pm
Posted on 5/8/20 at 5:05 pm to Steadyhands
Look at this guy. You can’t be this dumb.
Yes we were looking at an oversupply issue before Covid
After Covid you then had a 90% drop in demand worldwide
Yes we were looking at an oversupply issue before Covid
After Covid you then had a 90% drop in demand worldwide
Posted on 5/8/20 at 5:05 pm to redstick13
Excellent, I look forward to watching what becomes of this shitter of a state in the next year. Maybe my wife will finally agree to move.
This post was edited on 5/8/20 at 5:06 pm
Posted on 5/8/20 at 5:07 pm to kojak
Will this be as bad as the early 80’s oil bust?
Posted on 5/8/20 at 5:48 pm to Nado Jenkins83
quote:
Also saw that chinese banks are trying to scoop up those west texas leases
That article is from 5 yrs ago. I know one of the companies cited, but i also read the date.
Posted on 5/8/20 at 6:05 pm to redstick13
quote:
That was due to the oil bust in the 80's. This downturn could be worse.
That what I thought as well. This will be like it was then, Lafayette became a ghost town.
I can't win for losing, I got a job offer in Feb to go back to Brazil sometime around the end of the summer, I doubt that's still on the table.
Posted on 5/8/20 at 6:08 pm to Powerman
This administration could care less about business
Posted on 5/8/20 at 6:16 pm to notiger1997
quote:
this is just the beginning
Stupid arse people dont realize this. The economic shakeout is just now winding up
Posted on 5/8/20 at 6:18 pm to notiger1997
quote:
Look at this guy. You can’t be this dumb.
Yes we were looking at an oversupply issue before Covid
After Covid you then had a 90% drop in demand worldwide
Dude, check yourself. If you think covid is the reason for the oil situation, then you clearly are not involved in oil. Covid has almost a negligent impact
Posted on 5/8/20 at 6:19 pm to Steadyhands
(no message)
This post was edited on 2/4/25 at 7:31 pm
Posted on 5/8/20 at 6:22 pm to Steadyhands
quote:
If you think covid is the reason for the oil situation, then you clearly are not involved in oil. Covid has almost a negligent impact
You a mud logger by chance? The virus has shut down a lot of demand for oil, how does that not impact the market? OPEC couldn't fix this shite if they had to
Posted on 5/8/20 at 6:26 pm to Steadyhands
quote:
Dude, check yourself. If you think covid is the reason for the oil situation, then you clearly are not involved in oil. Covid has almost a negligent impact
Damn, then this must be the first time in history that gasoline demand dropped because of low oil prices.
I mean seriously, you think a 50% drop in gasoline demand results in “negligible impact” on oil prices?
ETA: In case there was any doubt:
This post was edited on 5/8/20 at 6:33 pm
Posted on 5/8/20 at 6:27 pm to Steadyhands
Must be a scaffold builder
This post was edited on 5/8/20 at 6:31 pm
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