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re: Oil dive deepens to 12-year low; could hit $20 on China fears
Posted on 1/12/16 at 8:37 am to WeeWee
Posted on 1/12/16 at 8:37 am to WeeWee
No new money coming into a region from outside sources means no economic growth, which is bad. Unless an area can become Healthcare mecca, people aren't flying in from all the other states to use their health care and bringing money into an area. That's what I mean by it not being a way to diversify your economy. "hey let's just build a bunch of hospitals and we can all be doctors and nurses. Then when we get sick, we'll pay ourselves to make it better". You still need income from outside of your region.
And I wasn't trying to take a shot at Ohio or say that diversification is a stupid topic. I'm merely saying it isn't easy. You can only do what is available to you in your area with the resources (be it actual natural resources, labor, intellectual workforce, etc) present. I see people sometimes blame a region like they shouldn't have been so dependent on a specific commodity. Yes, they should have been smarter and maybe not overextended themselves on a single option, but sometimes, that is the only way to get that money into your region. I don't think you can truly orchestrate diversification. I think it happens as needed/ as is available. Hopefully if the oilfield ever completely crashes, it brought in enough money, education, technology, investors, etc. to have them continue with other industries in our area. New Orleans is a huge port and was once the largest city in the US. It would take a lot, but I think it can return there with the right investment. I think almost any industry could survive here. But it's still not likely.
quote:
I wasn't giving a specific blueprint. I was clearly just responding to his inquiry regarding HOW Ohio's economy is diverse. I've never seen a thread with so much miscommunication.
And I wasn't trying to take a shot at Ohio or say that diversification is a stupid topic. I'm merely saying it isn't easy. You can only do what is available to you in your area with the resources (be it actual natural resources, labor, intellectual workforce, etc) present. I see people sometimes blame a region like they shouldn't have been so dependent on a specific commodity. Yes, they should have been smarter and maybe not overextended themselves on a single option, but sometimes, that is the only way to get that money into your region. I don't think you can truly orchestrate diversification. I think it happens as needed/ as is available. Hopefully if the oilfield ever completely crashes, it brought in enough money, education, technology, investors, etc. to have them continue with other industries in our area. New Orleans is a huge port and was once the largest city in the US. It would take a lot, but I think it can return there with the right investment. I think almost any industry could survive here. But it's still not likely.
1
Posted on 1/12/16 at 8:41 am to 13SaintTiger
quote:
13SaintTiger
quote:
It means he's just another O&G employee who is acting like he went to college for economics.
What exactly have you brought to this conversation? All I've seen is insults and emojis and posts with little to no substance.
Posted on 1/12/16 at 8:42 am to Martini
quote:
I got news chief, OPEC doesn't even exist anymore.
They are effectivly dead for now, long term this is only going to strengthen the group by unifiing them IMHO.
Hanshoof
Posted on 1/12/16 at 8:52 am to cave canem
quote:
It has nothing to do with overflowing tanks in Cushing and the fact that every vessle that can hold oil is being pressed into duty as floating storage, just irrational fear of lower demand.
What are you talking about? Nothing in that post is new information that would explain the additional rout in prices.
I already covered the supply issues and they're by far the biggest culprit in this entire downturn, but the most recent concerns center around slowing demand rates. Most everyone expects production to be relatively flat in the near term - the supply side will remain stagnant - but slowing demand is a major issue right now that would lead to further oversupply.
You can view that as supply issues, but don't act like the world production is increasing. The new oversupply concerns are a result of a weaker than expected demand forecast. I'd be more than happy to link you to articles by strategists and economists that explain it in further detail.
Posted on 1/12/16 at 9:10 am to slackster
quote:
What exactly have you brought to this conversation?
Nothing. This isn't my area of expertise so I acknowledge my contributions aren't worth a shite. Too bad others in this thread can't acknowledge the same.
Posted on 1/12/16 at 9:11 am to 13SaintTiger
quote:
This isn't my area of expertise so I acknowledge my contributions aren't worth a shite.
I'm not a doctor but that mole on your hand looks cancerous.
Posted on 1/12/16 at 9:17 am to slackster
quote:
but don't act like the world production is increasing.
It is and will continue to for at least 2 more quarters and likely more.
LINK
Production is still outstripping demand in thee real world, it is not a concern it is a fact. Not sure where you are getting your info from.
Posted on 1/12/16 at 9:19 am to KG6
quote:
No new money coming into a region from outside sources means no economic growth, which is bad. Unless an area can become Healthcare mecca, people aren't flying in from all the other states to use their health care and bringing money into an area. That's what I mean by it not being a way to diversify your economy. "hey let's just build a bunch of hospitals and we can all be doctors and nurses. Then when we get sick, we'll pay ourselves to make it better". You still need income from outside of your region.
A good hospital or biomedical district brings in tons of outside $$$. Not only in patients from other states coming in because of the perception that they are the best, but because of research funding. The "big shots" in research get the most funding because that is just the way the system works. Ohio State and Case Western brought in over $214million in research from just the NIH. I get what you are saying about the outside money, but that is not the way the healthcare industry works. Then you get into investments ($226million for Cleveland in 2012)There will always be outside money (i.e. medicare, research) and even if there wasn't there is nothing (depending on the insurance plan) to keep Louisiana residents from going to Cleveland or Houston instead of Shreveport or NOLA or vice versa. There is no inside or outside money with healthcare it is just money.
quote:
And I wasn't trying to take a shot at Ohio or say that diversification is a stupid topic. I'm merely saying it isn't easy. You can only do what is available to you in your area with the resources (be it actual natural resources, labor, intellectual workforce, etc) present. I see people sometimes blame a region like they shouldn't have been so dependent on a specific commodity. Yes, they should have been smarter and maybe not overextended themselves on a single option, but sometimes, that is the only way to get that money into your region. I don't think you can truly orchestrate diversification. I think it happens as needed/ as is available. Hopefully if the oilfield ever completely crashes, it brought in enough money, education, technology, investors, etc. to have them continue with other industries in our area. New Orleans is a huge port and was once the largest city in the US. It would take a lot, but I think it can return there with the right investment. I think almost any industry could survive here. But it's still not likely.
How do you think Cleveland and Houston got to be two of the top healthcare meccas or why UAB has such more research and prestige than LSU? Just looking at UAB there is no reason to think that it should be head and shoulders above LSU and UMMC in rankings or research, but it is. LINKOhio, Texas, and to a lesser extent Alabama invested in it when ppl were saying that they would never be anything other than what they had. You have to invest in the industries of the future and not just hope that the industry of the present brought enough along. If you do the later you end up like La and Miss.
Posted on 1/12/16 at 9:19 am to stout
Posted on 1/12/16 at 9:20 am to WeeWee
let me guess, you are in the medical industry?
Posted on 1/12/16 at 9:21 am to 13SaintTiger
quote:
This isn't my area of expertise so I acknowledge my contributions aren't worth a shite.
what exactly is your area of expertise so we know when to pay attention?
Posted on 1/12/16 at 9:21 am to cave canem
At least offshore fishing will be cheap this summer... as long as I still have a paycheck
Posted on 1/12/16 at 9:23 am to Oates Mustache
quote:
Opec considering emergency meeting. LINK
Surprised there wasn't an upward bounce on that news.
Posted on 1/12/16 at 9:24 am to slackster
quote:
I already covered the supply issues and they're by far the biggest culprit in this entire downturn, but the most recent concerns center around slowing demand rates. Most everyone expects production to be relatively flat in the near term - the supply side will remain stagnant - but slowing demand is a major issue right now that would lead to further oversupply.
Yeah, I used to post about the peak oil stuff on the poli board a lot, but would get destroyed right now with current prices. We're in this weird area right now:
quote:
The oil picture has bamboozled both the broad public and the smaller cohort of supposedly sentient observers. I maintain that the deflationary contraction underway worldwide is largely due to the fact that the world has run out of a particular form of oil: affordable oil. Turns out the peak oil story is still true, just playing out differently than a lot folks predicted. We’re at the mercy of a pretty basic equation: oil over $75-a-barrel destroys industrial economies; oil under $75-a-barrel destroys oil companies. There is no “just right” Goldilocks place on the gradient.
LINK
More detailed stuff about too much debt and the deflationary situation at these links:
LINK
LINK
Posted on 1/12/16 at 9:26 am to yellowfin
quote:
what exactly is your area of expertise so we know when to pay attention?
Trolling message boards with authority and World of Warcraft leveling services.
Posted on 1/12/16 at 9:27 am to sullivanct19a
Low oil prices are great for my industry (airlines). It sucks that people in the fields are suffering, but in high oil prices airlines went bankrupt, employees were furloughed and many a retirement fund were wiped out through bankruptcy reorganization.
Its the bane of working either directly in a commodity or in an industry highly dependent upon commodities.
This shouldn't exactly come as a shock to people working in O&G, cycles happen all of the time. Ask post 70's west Texas. I really hope that people saved up while the times were good. However unlikely that might have been for the majority.
Here's to hoping that those laid off land on their feet and are able to transfer their skills to another industry.
Its the bane of working either directly in a commodity or in an industry highly dependent upon commodities.
This shouldn't exactly come as a shock to people working in O&G, cycles happen all of the time. Ask post 70's west Texas. I really hope that people saved up while the times were good. However unlikely that might have been for the majority.
Here's to hoping that those laid off land on their feet and are able to transfer their skills to another industry.
Posted on 1/12/16 at 9:27 am to bayoudude
quote:
At least offshore fishing will be cheap this summer... as long as I still have a paycheck
No shite, just had both engines serviced and new radar installed. Hope the paycheck holds out here as well. If not, gas needs to drop a bit more if the wife is going to pay for my fishing.
Posted on 1/12/16 at 9:28 am to saintforlife
My VDE ETF is tanking. Just brutal to watch
Posted on 1/12/16 at 9:29 am to jlu03
quote:
Surprised there wasn't an upward bounce on that news.
That's the word thing though, and proof that something else is driving this right now. Iran and Saudi Arabia start war rhetoric? Nothing. Clerics get executed, embassies get bombed? Nothing. It's really strange.
Posted on 1/12/16 at 9:30 am to Oates Mustache
quote:
Trolling message boards with authority and World of Warcraft leveling services.
This picture pops into my head when thinking about him....
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