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Started By
Message
re: Prices Fall to a Six-Year Low for U.S. Oil
Posted on 3/17/15 at 12:27 pm to GREENHEAD22
Posted on 3/17/15 at 12:27 pm to GREENHEAD22
So move and get a different job. Isn't that what you're supposed to do if you're broke?
quote:
You say that but if you live in LA or TX and this gets extended longer than a year you are going to feel it no matter what you do for a living.
0
Posted on 3/17/15 at 12:40 pm to samson73103
quote:
I live in Louisiana. I own a business
And what does your business do? No ties at all to the oilfield? Honestly asking. I'm trying to determine what fields are out there that are completely insulated from the money oil brings into LA and TX economies. I don't think everyone is doomed, but I think most will feel some effect. If that's offset by your fuel savings, then great. But I know where I lived in LA and in Houston now, every other person you talk to gets most of their work from oil and gas.
Posted on 3/17/15 at 1:00 pm to RedRifle
I am so glad that they are pushing lower! I work for a petrochemical company and our margins are wide, wide, wide since our primary raw material is now so cheap! We are hiring too!
We all just got nice, fat bonuses last week...mine was 11%.
Come on oil, go down further! Baby needs a new pair of shoes!
We all just got nice, fat bonuses last week...mine was 11%.
Come on oil, go down further! Baby needs a new pair of shoes!
Posted on 3/17/15 at 1:03 pm to Flame Salamander
11% is a nice fat bonus?
glad I don't work in petrochem
glad I don't work in petrochem
Posted on 3/17/15 at 1:04 pm to yellowfin
quote:
11% is a nice fat bonus? glad I don't work in petrochem
It depends on what you starting point is I suppose?
Hey, is your name based upon the Yellowfin restaurant off of Kirby in Champaign?
Posted on 3/17/15 at 1:08 pm to Flame Salamander
nah......just the fish
Posted on 3/17/15 at 1:10 pm to yellowfin
quote:
nah......just the fish
Ok, cuz I thought the Yellowfin had the best sushi in town when I lived there.
This post was edited on 3/17/15 at 1:11 pm
Posted on 3/17/15 at 1:19 pm to Flame Salamander
Some experts say prices will rise...some say they will fall.
Here is one that thinks they will stay low.
Why OPEC can't kill off the US oil boom!
Here is one that thinks they will stay low.
Why OPEC can't kill off the US oil boom!
quote:
It's also premature to say that U.S. oil output is slowing. Last week, the International Energy Agency said U.S. oil production shows no signs of slowing.
This post was edited on 3/17/15 at 1:22 pm
Posted on 3/17/15 at 1:39 pm to RedRifle
Oil will never again go below 100 dollars a barrel.
Posted on 3/17/15 at 2:57 pm to panterica
I'm sorry but to say that all engineering outfits aren't worried is a stretch. Shale and upstream major operators have reduced budgets bigtime already. Contractors will eventually have to cut back manpower.
Posted on 3/17/15 at 3:05 pm to down time
quote:
I'm sorry but to say that all engineering outfits aren't worried is a stretch. Shale and upstream major operators have reduced budgets bigtime already. Contractors will eventually have to cut back manpower.
You're right, but it'll go up and down like usual. The OP started off with the tone that the end is near for our local economy. That's not the case. I'm addressing the big picture of course. The industry may be okay while some people may be laid off. They'll find work, though, because it won't stay that way. I can't say I've worked a year where I didn't hear of layoffs happening followed by more hiring.
This post was edited on 3/17/15 at 3:06 pm
Posted on 3/17/15 at 3:06 pm to panterica
Hundreds of billions of dollars will be pumped into the U.S. economy thanks to low oil prices.
Cheap energy is good for humanity in general.
Cheap energy is good for humanity in general.
Posted on 3/17/15 at 3:08 pm to panterica
quote:
while some people may be laid off
Many have already been laid off and major contractors have already cut manpower
quote:
The conclusion: the worldwide oil and gas industry, including oilfield services companies, parts manufacturers and steel pipe makers, has laid off 74,000 so far. [Note: the original version of this story said 75,000, but we've since revised a couple companies' numbers.]
quote:
Considering that about 600,000 work in the U.S. oil and gas sector, this is a big hit. And it’s important to note that most of these are solid middle class jobs. There’s not many industries where a guy with little more than a high school education can make $100,000 a year, but that’s a common pay package for drilling rig workers. I’m told by people who operate a lot of drilling rigs that for every rig mothballed about 40 people lose their jobs.
Forbes
This post was edited on 3/17/15 at 3:13 pm
Posted on 3/17/15 at 3:19 pm to ShaneTheLegLechler
Yeah, I know. That sucks. I was laid off from the last place I worked (offshore based) because their clients were hesitating to move forward on projects. They still will get going, but putting things on hold hurts the average Joe like that. When prices stabilize I think there'll be more confidence in hiring.
Posted on 3/17/15 at 3:36 pm to panterica
You dumb panterica
Posted on 3/17/15 at 8:30 pm to RedRifle
Okay, some of you have been making great points and others just come off quite idiotic.
Here's the deal: fracking technology along with other oil and gas technology has allowed more oil to be extracted. Simultaneously, the demand has not increased to the same rate as the production. Therefore, common sense says prices are going down.
Furthermore, for those people that claim they aren't feeling it in their local economy, give it a little while because you will. It takes time to shut down operations, contracts to expire (at their hedged price agreements), and the effect to trickle to service companies and others (directly or indirectly) intertwined with Oil. Trust me, you haven't seen the worst.
For those people watching the daily barrel prices, give it up. Oil is going to take a tough hit. The good news is that it won't be forever, but the market is currently adjusting similar to the housing adjustment in 2008. The only difference is the Oil bust will likely help the American economy,not hurt it with the lone exception of those areas dependent on Oil and Gas. Yep, it's a double edge sword.
For those who were killing it in Oil, I feel bad for you as I don't pretend to want to be you right now but welcome to what the rest of the country has been feeling since 2008. Again, nothing personal but it is what it is.
Here's the deal: fracking technology along with other oil and gas technology has allowed more oil to be extracted. Simultaneously, the demand has not increased to the same rate as the production. Therefore, common sense says prices are going down.
Furthermore, for those people that claim they aren't feeling it in their local economy, give it a little while because you will. It takes time to shut down operations, contracts to expire (at their hedged price agreements), and the effect to trickle to service companies and others (directly or indirectly) intertwined with Oil. Trust me, you haven't seen the worst.
For those people watching the daily barrel prices, give it up. Oil is going to take a tough hit. The good news is that it won't be forever, but the market is currently adjusting similar to the housing adjustment in 2008. The only difference is the Oil bust will likely help the American economy,not hurt it with the lone exception of those areas dependent on Oil and Gas. Yep, it's a double edge sword.
For those who were killing it in Oil, I feel bad for you as I don't pretend to want to be you right now but welcome to what the rest of the country has been feeling since 2008. Again, nothing personal but it is what it is.
Posted on 3/17/15 at 8:39 pm to lsu480
quote:
Didn't you start a thread about how Houston was the best and most resilient economy in the US earlier today?
This
Posted on 3/17/15 at 8:40 pm to thegeneral3
Which parts of Louisiana will feel it the worst?
Posted on 3/17/15 at 8:41 pm to thegeneral3
Yeah. Most of us already get all of that but thanks for reposting
Posted on 3/17/15 at 9:55 pm to Paul Allen
quote:
Which parts of Louisiana will feel it the worst?
Parts of south La are going to take a big hit. I don't know La super well but maybe Lafayette?
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