re: Oil dive deepens to 12-year low; could hit $20 on China fears

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Trolling message boards with authority

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So I'm a troll because I point out that many of the posters in this thread are firing from the hip pretending to be economic experts? Okay.

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World of Warcraft leveling services.

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Surprised there wasn't an upward bounce on that news.

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Both UAE and Saudi deny meeting will occur.

And I'm the troll

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let me guess, you are in the medical industry?

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Yes, and that is how I know the idea of new money coming in vs money already in the system is bs. It is all money. You don't have to produce something physical (i.e. oil or steel products) to have a diversified economy. You just have to produce $$$ in multiple areas.

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So you're a doctor?

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PA

I wouldn't think OPEC waits too much longer before they cut. My guess would be before May.

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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.

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I think you seriously underestimate the scale of economy associated with oil. My single product line for an oil field company brought in nearly 200 million in revenue last year. That is a small subset of the overall offerings of my company. And that is only one company. And we aren't even an operator. The scale of money brought into Louisiana from oil is massive. I agree that some money can come from Healthcare. But it cannot begin to replace what comes from energy

Yes Houston does have a great medical infrastructure. But it cannot remotely hold this towns economy up (not that it's expected to since the goal we are talking about is diversity). Houston has improved its diversity, but ultimately this town is carried by O&G.

Oil has now given up its #gainz from this morning and has turned lower. 20's are possible before end of the day.

Analysts at Barclays, Macquarie, Bank of America Merrill Lynch, Standard Chartered and Societe Generale all cut their 2016 oil forecasts this week, with Standard Chartered saying oil could fall as low as $10 per barrel.

I call BS on the $10/Barrel but then again I didn't think we would see the 20's.

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I think you seriously underestimate the scale of economy associated with oil. My single product line for an oil field company brought in nearly 200 million in revenue last year. That is a small subset of the overall offerings of my company. And that is only one company. And we aren't even an operator. The scale of money brought into Louisiana from oil is massive. I agree that some money can come from Healthcare. But it cannot begin to replace what comes from energy

Yes Houston does have a great medical infrastructure. But it cannot remotely hold this towns economy up (not that it's expected to since the goal we are talking about is diversity). Houston has improved its diversity, but ultimately this town is carried by O&G.

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No I am not underestimating the oil and gas industry. The oil and gas industry had a $1.2trillion economic impact on the US economy in 2011. However, you are underestimating the impact of healthcare. The US spent $3trillion last year.

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Yes Houston does have a great medical infrastructure. But it cannot remotely hold this towns economy up (not that it's expected to since the goal we are talking about is diversity). Houston has improved its diversity, but ultimately this town is carried by O&G.

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That is one of the most simple minded statements in this thread. O&G employs 9.9% of the Houston workforce or 107,900 people in Houston. Healthcare employs 318,000 people in Houston. Neither industry can support Houston and Houston doesn't run on one industry. It runs on them all and it takes them all to make Houston. If Houston ran on O&G it would be NOLA and not Houston.

Good news. We finally won't be over paying for a product. O&G companies need to live within their means like the rest of us.