re: Louisiana Layoffs, Shut-ins Happening Faster Than Expected

I’ll never forget the time I spoke at the LOGA conference in New Orleans. Those people all thought they were the most important people in the world. Their president was smug. While I don’t wish misfortune on anybody, some of those people may have a different attitude these days.

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3% not worried

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GumboPac shysters that know there are still plenty of lawsuits against O&G to be had, and their Governor will be there to assist.

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You have to either be a medic or galley hand. Those are the smartest fricking know-it-all’s on every location.

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Or he is in safety

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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

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Covid certainly impacts the current situation.

Russia and Saudi got into a pissing match to see who could gain market share by pumping more oil. They knew the price would drop. It became a stare down. Trump got them to chill but only somewhat. They reduced supply by @10mil a day.

Fracking was certainly part of the oversupply problem bw 2013-2015 but not like what Russia and Saudi have done recently.

So supply went way up. Well Over the 90million barrels needed to provide the worlds needs in normal times.

Then covid’s impact started to be revealed on the world’s demand for oil. Less driving. Less flying. Less travel in general. Estimates that the demand for oil went to @ 70mm barrels a day. Maybe more.

Then Storage capacity became major issue so the spot price actually went negative for a while. If you brought oil out of the ground, you literally had no where to store it. Never seen that before.

Heck, never seen both a supply and a demand situation hit at the same time Before. The last hit was 2014-2015 when China’s economy slowed but that only accounted for 3-5 million barrels a day in world demand. Now we’re talking 25-30mil a day! .

So we are in incredible times for Oil and gas.
The current situation is going to take a while to sort out. It might not ever be the same but the price will come back to a price that makes sense for companies to drill. We need to get the world economy to it’s new “normal” and then stop the irregular supply issues and let the price find a stable base. I expect 6 months before that starts to happen

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Who are the dumb arse 3% that are not worried about the oil and gas industry future??

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Probably the ones financially set and on the verge of retirement