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Message
re: Oil field layoffs are really hitting SLa
Posted on 9/24/15 at 8:04 pm to JJBTiger2012
Posted on 9/24/15 at 8:04 pm to JJBTiger2012
In other news, truck nuts stock just plummeted
0
Posted on 9/24/15 at 8:05 pm to Canard Noir
quote:
this lasts several years, the same thing is going to happen and the ignorant people here jumping for joy over $50/ month saved at the pump are going to be praying for the return of oilfield honeys and their oilfield money...
You do realize that not everyone is anchored here in Louisiana, right? Or is the entire country going to become a ghost town?
Posted on 9/24/15 at 8:14 pm to Epic Cajun
quote:
You do realize that not everyone is anchored here in Louisiana, right? Or is the entire country going to become a ghost town?
No shite. The amount of money that is being saved in other parts of the country is huge. I hate that Louisiana is having a downturn, but a state like Tennessee, with no state income tax and almost zero reliance on the energy industry is going to boom.
Posted on 9/24/15 at 8:17 pm to JJBTiger2012
Lafayette definitely needs to diversify its economy. This stuff happens every 5-7 years and the people never learn to manage their finances. A lot of the guys in Lafayette love to turn their nose at any man who doesn't work in the industry so it's kind of hard to fell bad for "those" people. But yeah, my dad just retired from the Baker facility off 190 and he found out the other day that his division is more than likely being wiped out by the Halliburton merger.
Posted on 9/24/15 at 8:19 pm to malvin
Americans consumed 140 billion gallons of gas last year.
That means if oil prices cause the prices to drop by $1/gallon then that is $140 billion more that Americans have in their pockets. In addition to that theres more savings in the prices of goods and services we buy due to A) cheaper plastic and B) cheaper transportation costs abroad. Savings could be well over $200b.
For that amount of money it would be cheaper for consumers to just directly pay 1,000,000 people $125k/yr to stay home and sit on their butts.
That means if oil prices cause the prices to drop by $1/gallon then that is $140 billion more that Americans have in their pockets. In addition to that theres more savings in the prices of goods and services we buy due to A) cheaper plastic and B) cheaper transportation costs abroad. Savings could be well over $200b.
For that amount of money it would be cheaper for consumers to just directly pay 1,000,000 people $125k/yr to stay home and sit on their butts.
Posted on 9/24/15 at 8:30 pm to Epic Cajun
Of course I do but are you trying to imply that this isn't an LSU board and that a vast majority of the posters are in LA, Houston, and the like?
This post was edited on 9/24/15 at 8:42 pm
Posted on 9/24/15 at 8:46 pm to Canard Noir
I'm really confused by the animosity in here. Am I not supposed to be happy about lower gas prices?
Posted on 9/24/15 at 8:53 pm to hillcountrywanderer
hillcountry, I'm glad for your dad.
Baker is cutting 15% next week, about 50 positions, mostly white collar. I feel bad for those guys.
ETA: they have been reevaluating personnel needs on a 3 month cycle. This is a mid-cycle cut.
Baker is cutting 15% next week, about 50 positions, mostly white collar. I feel bad for those guys.
ETA: they have been reevaluating personnel needs on a 3 month cycle. This is a mid-cycle cut.
This post was edited on 9/24/15 at 8:56 pm
Posted on 9/24/15 at 8:57 pm to Asgard Device
The economy is neither linear nor deterministic. That math ain't gonna fly.
Posted on 9/24/15 at 9:06 pm to CFDoc
Agree. Airfare is not ever coming down and neither or the per bag surcharges and fees........all brought on by (what they claimed) expensive fuel costs a few years ago. I would like to see some type of consumer advocacy group pressure the airlines on ticket pricing, if the free market doesn't pressure them enough.
Posted on 9/24/15 at 9:13 pm to G Vice
Absolutely... a new price floor has been established. I'd wager on almost the entirety of the financial benefits of lower gas prices being realized at the pump. I understand why your average American is happy about lower NG prices, but the propaganda here is strong. You won't see the price of other goods & services go down drastically knowing people have extra disposable income simply because gas prices have fallen.
This post was edited on 9/24/15 at 9:14 pm
Posted on 9/24/15 at 9:16 pm to burgeman
Apparently you are supposed to be happy to pay $4 a gallon for gas instead of $2 or below. I am saving $280 per month right now. I am supposed to not be happy about that because people are losing their jobs.
It sucks for those guys, but they chose this volatile industry. Gotta keep a safety net for when's times are bad. When I was in the financial industry in 2008, I am glad I had one.
I understand that it will affect many industries, mine included. My current job provides a service to employees, so when they are cut, our numbers are down. We will not hit one of our goals this year, so I will lose out on $1k of my bonus. I will save over $3k in gas. I will take that hit for the savings every year. We would survive with or without those workers.
It sucks for those guys, but they chose this volatile industry. Gotta keep a safety net for when's times are bad. When I was in the financial industry in 2008, I am glad I had one.
I understand that it will affect many industries, mine included. My current job provides a service to employees, so when they are cut, our numbers are down. We will not hit one of our goals this year, so I will lose out on $1k of my bonus. I will save over $3k in gas. I will take that hit for the savings every year. We would survive with or without those workers.
Posted on 9/24/15 at 9:19 pm to CFDoc
quote:
The economy is neither linear nor deterministic. That math ain't gonna fly.
I doubt you have any math that goes beyond regional affects and anecdotes. My math is simple.
Americans buy 140 billion gallons of gas. If they spend $1 less per gallon, they will save $140 billion. Sure, some of that money spend elsewhere will be on moar gas, but it is still of economic value to the consumer, whether its improved productivity or deciding to use their car to go on vacation instead of flying or staying at home.
Care to explain how that is bad math?
Posted on 9/24/15 at 9:22 pm to burgeman
Well you've got some people who have been or could be deeply affected by this while others are poking fun at their situation. In my experience the more serious the subject and closer it hits home, the more animated people become.
In between all of that are some good points about the benefits for other parts of the country and some extreme ignorance by many who think they're insulated but live in affected regions.
If we all agree that the common bond between us is LSU, it should be recognized that higher education, LSU included, is going to face even harder times in the very near future.
In between all of that are some good points about the benefits for other parts of the country and some extreme ignorance by many who think they're insulated but live in affected regions.
If we all agree that the common bond between us is LSU, it should be recognized that higher education, LSU included, is going to face even harder times in the very near future.
Posted on 9/24/15 at 9:26 pm to Asgard Device
If lower gas has led to economic stimulus, why is the market sagging and the Fed holding off on rate hikes?
People aren't spending the money they're saving right now. It's pretty simple.
People aren't spending the money they're saving right now. It's pretty simple.
Posted on 9/24/15 at 9:30 pm to southernelite
quote:
If lower gas has led to economic stimulus, why is the market sagging and the Fed holding off on rate hikes?
People aren't spending the money they're saving right now. It's pretty simple.
Economic struggles abroad, regulatory uncertainty at home, and a million other reasons.
Energy prices aren't a definitive or even dominant factor in economic performance, but they help. The 1980's are a great example. You're smart enough to know that.
Posted on 9/24/15 at 9:34 pm to southernelite
All these people talking like it's just the oilfield laborers being laid off don't know their arse from their mouth. There's so much more connected to O&G. I'm a process engineer for a manufacturing company who's biggest customer is Caterpillar, but still produces for O&G. It's so bad that, since March, they've laid off 33% of our plant
Posted on 9/24/15 at 9:39 pm to AbuTheMonkey
True that.
Posted on 9/24/15 at 9:41 pm to ISEN_AG
I saw sonething today that Cat was talking big layoffs and plant closures.
Posted on 9/24/15 at 9:42 pm to CoachDon
quote:
No one should fix their mouth or type a word to talk bad about a man in hardship with his family. Especially that's not of his own doing. Say a prayer and be thankful you aren't one of them.
Best post in the whole thread.
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