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re: People the grew up during the Louisiana Oil Boom in the 1970/1980s, what was that like?

Posted on 6/28/24 at 2:27 pm to
Posted by prplhze2000
Parts Unknown
Member since Jan 2007
56998 posts
Posted on 6/28/24 at 2:27 pm to
LSU was real cheap
Posted by redstick13
Lower Saxony
Member since Feb 2007
40444 posts
Posted on 6/28/24 at 2:29 pm to
quote:

What caused the bust to happen?


Middle East (specifically Saudi) flooded the market with supply and tanked prices.
Posted by Thecoz
Member since Dec 2018
3875 posts
Posted on 6/28/24 at 2:29 pm to
opec lost market share… their fields were/are large and shallow .. the total cost of getting a barrel of oil out of the ground to them was a few dollars and they had a lot… so when to much competition was taking their market share they were willing to flood the market to drive prices down and drive out the independents and smaller companies… They then kept the price down to keep them from coming back.. they did the same thing a few years back .. last time we had low gasoline prices.. they were trying to put the independent frackers out of business.
Look at crude oil prices from the 70 s until now … you can see where they open up.
Posted by TrueTiger
Chicken's most valuable
Member since Sep 2004
80225 posts
Posted on 6/28/24 at 2:30 pm to
quote:

Was reading Lafayette had the most millionaires

I remember a lot of hot Cajun girls running around in BMWs.
Posted by facher08
Baton Rouge
Member since Aug 2011
5633 posts
Posted on 6/28/24 at 2:38 pm to
quote:

4 lane 90 just abruptly stopping in MC for what seemed ages.


Yep. That was what was called "Blood Alley", the old highway 90 between Morgan City and Houma. It was lined with bars, strip clubs, shipyards, and O&G support shops. Two lane highway that would get full of drunks after dark. Many people died on that road. They used to make bumper stickers that said "Pray for me. I drive Blood Alley."
Posted by KiwiHead
Auckland, NZ
Member since Jul 2014
36019 posts
Posted on 6/28/24 at 2:43 pm to
Avondale.......Julian Fernandez's dream
Posted by BlackAdam
Member since Jan 2016
7051 posts
Posted on 6/28/24 at 2:55 pm to
My Dad started teaching in 1968, and he worked offshore in the summers. He became an SME in safety and compliance. He told me in 1980 alone he made more money consulting on safety than he made in his entire teaching career combined. The consulting gig was great until 84. Then by 85 it was over. He could have continued in Nigeria and the Middle East, but had no desire to travel 3/4 of the year.
Posted by poule deau
Member since Jan 2009
1476 posts
Posted on 6/28/24 at 3:44 pm to
quote:

..Julian Fernandez


There's a name I haven't heard in quite some time
Posted by BigAppleTiger
New York City
Member since Dec 2008
10938 posts
Posted on 6/28/24 at 3:58 pm to
My family owns a few acres in Pointe Coupee Parish. In the mid 70's to mid 80's it was bringing about a thousand a month in gas royalties. Not life changing money but paid for a few perks. Other members of the family who lived there and had larger land tracts were getting huge payouts in the hundreds of thousands which was a lot at the time. Lots of baws getting new trucks and house renovations. Today it doesn't bring in hardly anything, but funnily enough in the last few months have been getting prospecting calls to see if we would like to sell. This land is still in the country and has no real value other than gas potential, but the well has been abandoned for a while. But you never know, it could be picked up again at some point. Not worth selling as the taxes are so cheap and the potential is so great.
Posted by BondJamesBond
Too Far from Tiger Stadium
Member since Oct 2011
411 posts
Posted on 6/28/24 at 4:06 pm to
It was a great life during the boom times. I was a partner in a small law firm that had many oil company clients. The partners belonged to several clubs to entertain clients: Oakborne Country Club, Petroleum Club, Town House, and City Club. We entertained clients lavishly in Lafayette, Houston, Dallas, and even San Francisco. Friday lunches (and several margaritas) at LaFonda's.

Our children attended expensive private schools: ESA, Catheral-Carmel, Fatima, and St. Thomas More. We sent our daughters to expensive summer camps in North Carolina.

Gawd, do I miss those times!
Posted by mdomingue
Lafayette, LA
Member since Nov 2010
42882 posts
Posted on 6/28/24 at 4:06 pm to
Chart of oil prices. You can see the 73 and 79 OPEC embargo effects and the 86 oil glut resulting from OPEC members cheating on their agreements with each other. No honor amongst, well, whatever you want to call them. You can also see spikes that revolve around Mideast conflicts.

Posted by Cajun Tifoso
Lafayette, LA
Member since Sep 2010
2719 posts
Posted on 6/28/24 at 5:33 pm to
I was in elementary school in Lafayette, and I remember passing building where someone, or a collection of people, had a different color Lamborghini Countach for each day of the week. If I recall directly, one was red, one was blue, one was white, one was black, and oddly, one was brown.
Posted by ronricks
Member since Mar 2021
11078 posts
Posted on 6/28/24 at 5:33 pm to
Every oil field baw had a gold Rolex.
Posted by KemoSabe65
70605
Member since Mar 2018
6438 posts
Posted on 6/28/24 at 5:48 pm to
Neg, was a porche dealer on Johnston st though.
Posted by TigerCoon
Member since Nov 2005
22466 posts
Posted on 6/28/24 at 6:01 pm to
My buddy's Dad was a geologist, but they lived middle class when I met them.

Over the course of a few months in 1980, he scored pretty big. I saw that guy go from a 5 year old Impala to a Cadillac Fleetwood, pick up a huge Boston Whaler and condo in Navarre Beach that his wife spent a fortune decorating. Felt like a blink of the eye. He was worth several million when a million was money.

Not a huge money story, but the bump up was quick.
Posted by soccerfüt
Location: A Series of Tubes
Member since May 2013
72957 posts
Posted on 6/28/24 at 6:02 pm to
Hookers & Blow
Posted by Tempratt
Member since Oct 2013
14941 posts
Posted on 6/28/24 at 6:19 pm to
There were like 10 Ferraris in Monroe.
Posted by X123F45
Member since Apr 2015
29530 posts
Posted on 6/28/24 at 6:51 pm to
quote:

A lot of people after college choose to remain near friends and the people that love them. A person like yourself could probably live anywhere because nobody really gives a shite about you.


I love a good sweet burn.
Posted by thekid
Anna, Tx
Member since May 2006
4045 posts
Posted on 6/28/24 at 9:01 pm to
Grew up in Morgan City during those times…dad worked offshore for 15 years and worked for the same oil company for 30+…he did pretty well…put 5 kids thru college, private school’s elementary and high school etc.
my dad would always talk about all the idiots blowing their money on stupid shite…he knew the crashes would hit and he was always prepared but it never really affected his career.
I remember all these people buying crew boats and tug boats to rent and then losing their arse during the crash…there would 4-5 boats tied next to each other all along the inter coastal.
Posted by HighlyFavoredTiger
TexLaArk
Member since Jun 2018
934 posts
Posted on 6/28/24 at 11:01 pm to
Plaquemine Parish was booming at that time, I had in-laws that lived there and worked production platforms in the gulf and I moved to Buras my first summer out of high school to get a job.
Had zero experience but there was an old motel called Sheffield’s and if you wanted to work you just sat outside on a bench and a Placid or some other company van would stop and pick you up and boom, you’d go to work!
Worked hard laying pipeline across marsh on an old barge but soon got on with Gulf, made the worst career move in my life when I quit that job on the production platform because Chevron bought them out about a month after I quit and all the guys I was working with ended up with great careers and lots of money.
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