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Message
re: Oil dive deepens to 12-year low; could hit $20 on China fears
Posted on 1/11/16 at 9:47 pm to wheelr
Posted on 1/11/16 at 9:47 pm to wheelr
quote:
I feel bad for some of my friends in the industry but on the plus side I may find a deal on some real estate in the near future.
So real estate prices are sure to go down yet so many claim because they are a doctor or some such that this won't effect them. Not saying you in particular have said as much but anyone living in South LA or SE Texas is going to have their net worth take a hit unless they hugely shorted Crude futures months ago.
In the end, I have learned through the years that it is never as bad as we think it is and it is never as good as we think it is. This too shall pass and the weak will not survive...
0
Posted on 1/11/16 at 9:47 pm to cave canem
quote:
Make no mistake about it, the cratering price of crude (gas always follows) threatens the LC economy the same way
we still refine regular oil and our facilities are running at over 100% right now last i heard
they're not building anymore oil refineries
Posted on 1/11/16 at 9:48 pm to saintforlife
i thought more drilling for oil would create a buzillion new jobs?
Posted on 1/11/16 at 9:48 pm to cave canem
quote:
If the spread is not large enough no one is going to liquify and ship anything
There is already billions in projects started here and they are nowhere near ready to liquefy anything. Unless they stop all of the projects and write off what they currently have invested, then those projects will be built. The construction is what is currently propping LC up vs the rest of the state and if we are lucky it will do so long enough to allow some sort of rebound.
Posted on 1/11/16 at 9:48 pm to 13SaintTiger
quote:
This type of post is why this thread is amusing. I mean come on, he literally just recognized this and you decide to point it out like you're some genius.
I just came in, but what I just read is that he was saying they have diversified the steel industry when in fact they still rely mainly on the oil industry for steel sales.
Posted on 1/11/16 at 9:49 pm to mattz1122
quote:Which is what I meant by this post:
I'd say it's somewhat pertinent to countries such as Iran and Saudi Arabia (see past week) and Russia, whose economies are solely dependent on oil (and gas).
quote:
And besides a few countries--the ones that happen to hate the US incidentally--how are low oil prices going to cause economies to tank?
Posted on 1/11/16 at 9:50 pm to fisherbm1112
quote:
I just came in, but what I just read is that he was saying they have diversified the steel industry when in fact they still rely mainly on the oil industry for steel sales.
No. He's saying as a whole the state is way less reliant on steel than it used to be.
Posted on 1/11/16 at 9:51 pm to fisherbm1112
quote:No. I'm saying we diversified our entire economy, so we don't rely on a single industry, which had a negative impact as we became the rust belt.
I just came in, but what I just read is that he was saying they have diversified the steel industry when in fact they still rely mainly on the oil industry for steel sales.
I'm saying other states and areas should learn from our mistakes.
Posted on 1/11/16 at 9:51 pm to SlowFlowPro
How many do y'all have?
Posted on 1/11/16 at 9:51 pm to 13SaintTiger
quote:
This type of post is why this thread is amusing. I mean come on, he literally just recognized this and you decide to point it out like you're some genius.
We have a lot of garage economist here.
Posted on 1/11/16 at 9:52 pm to stout
quote:
No. He's saying as a whole the state is way less reliant on steel than it used to be.
But oilfield is still the main connoisseur of steel correct?
And I really am asking.
Posted on 1/11/16 at 9:52 pm to SlowFlowPro
quote:
our facilities are running at over 100% right now last i heard
Of the 4 refineries I know intimately, fes are at 100% capacity. All are around 70-95%.
Lots of different reasons for rate reductions though.
This post was edited on 1/11/16 at 9:53 pm
Posted on 1/11/16 at 9:53 pm to buckeye_vol
quote:
No. I'm saying we diversified our entire economy, so we don't rely on a single industry, which had a negative impact as we became the rust belt.
I get what you mean but what did you diversify to? What industry has suddenly started using more steel than oil?
Posted on 1/11/16 at 9:54 pm to Oates Mustache
quote:
How many do y'all have?
This is just from Wikipedia
quote:
Lake Charles Refinery (Calcasieu Refining), Lake Charles 80,000 bbl/d (13,000 m3/d)
Lake Charles Refinery (Citgo), Lake Charles 427,800 bbl/d (68,010 m3/d)
Lake Charles Refinery,(Pelican Refining, Potential), Lake Charles 150,000 bbl/d (24,000 m3/d)
Lake Charles Refinery (Phillips 66), Westlake 260,000 bbl/d (41,000 m3/d) Nelson Complexity Index 11.2
I am sure it's incomplete
Posted on 1/11/16 at 9:55 pm to fisherbm1112
quote:
But oilfield is still the main connoisseur of steel correct?
I highly doubt it. There isn't that much casing in the ground.
Posted on 1/11/16 at 9:55 pm to fisherbm1112
quote:
But oilfield is still the main connoisseur of steel correct?
And I really am asking.
It's like you're trying to be obtuse.
Posted on 1/11/16 at 9:57 pm to fisherbm1112
quote:Healthcare. Technology. Aerospace. Biosciences. Agriculture. Finance. Etc.
I get what you mean but what did you diversify to?
quote:Huh?
What industry has suddenly started using more steel than oil.
Posted on 1/11/16 at 9:58 pm to stout
quote:
It's like you're trying to be obtuse.
No. Apparently just misunderstanding what the new diversified steel industry is? I know how it reads but it isn't intended to be dense, just misunderstanding and curious.
Posted on 1/11/16 at 10:00 pm to stout
Only one of those is a pretty heavy producer.
Posted on 1/11/16 at 10:00 pm to stout
quote:
It's like you're trying to be obtuse.
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