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re: Oil dive deepens to 12-year low; could hit $20 on China fears
Posted on 1/12/16 at 10:27 am to SlowFlowPro
Posted on 1/12/16 at 10:27 am to SlowFlowPro
I wasn't worried at $50, but nearing the $20's is scary. $10 is going to be a global nightmare, and no industry is immune to the effect it will have. People are naive if they think otherwise. The ME could see destabilization, the likes of which haven't been seen in decades at $10 oil. We're in for a crazy ride. Louisiana and Texas are most definitely screwed, short term.
3
Posted on 1/12/16 at 10:28 am to jlu03
$1.00 gas will be a thing in 2016. Book it.
Posted on 1/12/16 at 10:30 am to tke857
quote:
1.00 gas will be a thing in 2016. Book it.
People that keep saying this are funny. Yeah, we might see it, but do you realize how long that will take? It won't be until at least mid-summer if not later.
Posted on 1/12/16 at 10:31 am to Oates Mustache
Who cares?
It's happening.
It's happening.
Posted on 1/12/16 at 10:32 am to Oates Mustache
Im not saying its a good thing or it's funny at all. Just saying there are powers that be that are willing to run other people "out of business" no matter the cost to them bc they have profited 100000X over the past 20yrs on their O&G.
Posted on 1/12/16 at 10:32 am to Oates Mustache
quote:
Louisiana and Texas are most definitely screwed, short term.
yup.
At least there will be less "OIL LIFE" stickers on the back of trucks.
fricking fairies.
Posted on 1/12/16 at 10:34 am to tke857
That's why I said the Saudis are playing a dangerous game. People that act like $1.00 gallon gasoline is the greatest thing ever are delusional and don't see the very bigger picture. I guess there are a lot of people that don't remember the 80's in Louisiana and Texas.
Posted on 1/12/16 at 10:37 am to Oates Mustache
quote:
The ME could see destabilization
Saudi Arabia is actively trying to wreck Iran's economy.
Saudi Arabia: $150B windfall, my arse. Hold my beer and watch this.
LA and TX are collateral damage.
Posted on 1/12/16 at 10:40 am to Allyn McKeen
I don't blame the Saudis necessarily. They don't trust the rest of Opec because of what happened the last few times they cut production. This time, they're just saying screw it, we'll see what happens.
Posted on 1/12/16 at 10:40 am to Allyn McKeen
Exactly they don't give a shite what this does to the rest of the worlds economy. They are one dimensional from an economic standpoint but fortunately for them their resource is the most needed resource in the world.
Posted on 1/12/16 at 10:42 am to AUCE05
quote:
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.
WTF are you talking about??
Posted on 1/12/16 at 10:44 am to Oates Mustache
people just don't realize how badly oil has been propping up the US economy
there is a reason TX created more jobs from like 2009-2014 than the rest of the US combined. now a lot of those gains are going to be gone. there is no replacement industry for these people to find work
there is a reason TX created more jobs from like 2009-2014 than the rest of the US combined. now a lot of those gains are going to be gone. there is no replacement industry for these people to find work
Posted on 1/12/16 at 10:47 am to WeeWee
quote:
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.
And O&G is isolated to certain areas, whereas the Healthcare numbers you state are for the entire US. Look at areas heavy in O&G and you will see that oil likely out earns healthcare in that area. And the 3 trillion spent is not indicative of bringing in outside money. That 1.2 trillion was spent in only those areas where the O&G industry exists, but the money came in from the entire US. So that's a net positive for the region's economy.
quote:
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.
You are way off base if you think NOLA runs on O&G. They all moved to Houston years ago. You are also Naïve if you think that the employments statistics mean anything regarding the income brought in from these industries. I know big money is spent on Healthcare, but what percentage is truly bringing new money into an economy. That 200 million my department did last year brought money into South Louisiana from outside sources (Mostly from Houston based oil companies). That's a net economic positive for South LA. I don't think healthcare at any level is pulling in that kind of revenue from outside sources.
Posted on 1/12/16 at 10:48 am to SlowFlowPro
quote:
there is no replacement industry for these people to find work
Bingo. For all of the truck nuts jokes I make, this is an industry that is filled with hard working guys, doing a dangerous job. Their skillset doesn't really translate well into other industries.
This post was edited on 1/12/16 at 10:49 am
Posted on 1/12/16 at 10:49 am to Oates Mustache
well i'm talking even higher-end
lots of businessmen, corporate types, etc moved to Dallas, Houston, and Austin over the past 5-7 years b/c of the economy
there isn't a replacement industry for those people, either. that's why they moved to Texas
lots of businessmen, corporate types, etc moved to Dallas, Houston, and Austin over the past 5-7 years b/c of the economy
there isn't a replacement industry for those people, either. that's why they moved to Texas
Posted on 1/12/16 at 10:51 am to SlowFlowPro
True, there will definitely be a white collar crash as well. As a side discussion, I wonder if this will lead to another credential creep, causing the education bubble to come to max level before a burst.
Posted on 1/12/16 at 10:54 am to Oates Mustache
dude
oil bubble popping then tech popping...the student loan bubble popping would be the headshot
that's worldwide depression for a generation or so doom and gloom
oil bubble popping then tech popping...the student loan bubble popping would be the headshot
that's worldwide depression for a generation or so doom and gloom
Posted on 1/12/16 at 10:54 am to Oates Mustache
quote:
Their skillset doesn't really translate well into other industries.
very true, these are guys that are used to making good livings
Posted on 1/12/16 at 10:54 am to SlowFlowPro
The jobs in Austin aren't O&G at all. Not a huge number of the Dallas jobs are either. Houston though, absolutely
Posted on 1/12/16 at 10:57 am to SlowFlowPro
The education bubble burst killshot will be coming directly from white collar layoffs. People will be trying to diversify their educational background, taking on more debt, then bang. It's been teetering on the verge of collapsing for years. Credential creep put it there.
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