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Started By
Message
re: Rumor Shell is closing down its New Orleans operations
Posted on 1/21/16 at 8:58 am to notiger1997
Posted on 1/21/16 at 8:58 am to notiger1997
quote:
Banks that are local and regional are going to get hurt bad.
That's the next wave as the independent O&G firms and service companies default. There's no way the smaller firms are going to make their covenants.
0
Posted on 1/21/16 at 8:58 am to cave canem
So, who are you guys most pissed with?
OPEC, or the shale crowd?
OPEC, or the shale crowd?
Posted on 1/21/16 at 8:58 am to cave canem
Frack you. :)
I agree there is a chicken and egg issue. I still see the Saudis as the main culprit.
I agree there is a chicken and egg issue. I still see the Saudis as the main culprit.
Posted on 1/21/16 at 8:58 am to Boagni Swamp
The main reason for oilfield workers higher pay is simple supply and demand.
This country has lost a lot of the blue collar workforce specifically skilled tradesmen. With the emphasis for everyone to go to college and get an education many people don't believe that someone can make a good living on blue collar salary.
Three to four years ago finding a mechanic or electrician with more than five years experience was difficult. Wages for those trades skyrocketed. Not just in the oilfield industry but all over the country.
To get a good electrician pay rate was in the low $30.00/hr. So a typical electrician making that wage working an average of 60 hrs per week was making $109K per year. This short demand for those types of workers created a lot of animosity from office workers who were making in the $70K per year range.
Those skilled tradesmen were flaunting their shite which pissed off more people. Now those same people don't feel sorry for the guys who were flaunting all of their shite. No one should feel sorry for those who were so proud of their shite that they had to brag and show everyone what they had and that others couldn't afford. Should have planned for a rainy day.
Now what we are all facing in the south is a downturn that is going to spread way beyond the typical field hand. money is not going to be spent at restaurants, cars, boats, shopping malls, fishing and hunting, and any other activities outside of necessities.
If you live in an area that is dominated by the oil industry you should be concerned.
This country has lost a lot of the blue collar workforce specifically skilled tradesmen. With the emphasis for everyone to go to college and get an education many people don't believe that someone can make a good living on blue collar salary.
Three to four years ago finding a mechanic or electrician with more than five years experience was difficult. Wages for those trades skyrocketed. Not just in the oilfield industry but all over the country.
To get a good electrician pay rate was in the low $30.00/hr. So a typical electrician making that wage working an average of 60 hrs per week was making $109K per year. This short demand for those types of workers created a lot of animosity from office workers who were making in the $70K per year range.
Those skilled tradesmen were flaunting their shite which pissed off more people. Now those same people don't feel sorry for the guys who were flaunting all of their shite. No one should feel sorry for those who were so proud of their shite that they had to brag and show everyone what they had and that others couldn't afford. Should have planned for a rainy day.
Now what we are all facing in the south is a downturn that is going to spread way beyond the typical field hand. money is not going to be spent at restaurants, cars, boats, shopping malls, fishing and hunting, and any other activities outside of necessities.
If you live in an area that is dominated by the oil industry you should be concerned.
Posted on 1/21/16 at 8:58 am to Hulkklogan
quote:
Also, I hope this pushes our energy industry to pursue more green energy. Whether you think climate change is a crock of crap or not, we have to get off our fossil fuel dependence.
This statement is retarded.
Posted on 1/21/16 at 8:59 am to cave canem
Didn't go through all 10 pages, did anyone mention cheap deals on used F250's yet?
Also, in the vein of being completely selfish, I am looking forward to there being plenty of desperate for work construction / manual labor folks. I can finally get my renovation going.
Also, in the vein of being completely selfish, I am looking forward to there being plenty of desperate for work construction / manual labor folks. I can finally get my renovation going.
Posted on 1/21/16 at 9:01 am to Boagni Swamp
quote:
Elaboration:
1). Oil exists in rock in the ground.
2). For most of the twentieth century, our oil came from rocks called sandstone.
3). Sandstone is porous. Think about a sponge. The spaces in the sponge that hold water are its porosity.
4). Most of the easy oil in sandstone in the US has been tapped.
5). That leaves shale.
6). Shale contains oil but is not very porous. In other words, the oil is more widely dispersed in the rock.
7). The industry found a way to get oil out of shale through"unconventional" means using a combination of horizontal drilling and hydraulic fracturing.
8). As a result, the US produced more oil last year than it ever had.
9). The Saudis hate that; more importantly, the Saudis can produce oil through conventional means FAR more cheaply than the US producers can through unconventional means.
10). The Saudis can turn a profit at 20 a barrel; US unconventional oil breaks even at 50-70 a barrel.
11). The Saudis depressed the price of oil to knock out the US unconventional producers.
12). It's working.
13). It's gonna be a long damn time before anybody puts any new money behind a US unconventional shale play.
Questions?
Thanks for this. Well said
Posted on 1/21/16 at 9:02 am to chillygentilly
quote:
This statement is retarded.
Yes it is, the ethanol boom was completely propped up by stimulus money. Now that the stimulus money is gone, so are the projects. They simply aren't economically feasible.
Posted on 1/21/16 at 9:03 am to BRgetthenet
quote:
So, who are you guys most pissed with?
OPEC, or the shale crowd?
Neither, I aint pissed at anybody.
Busy as can be here right now.
Posted on 1/21/16 at 9:03 am to cave canem
quote:
This oversupply was caused right at home in the good old USA by the shale players, they created an oversupply on the basis of thinking OPEC would cut production and continue to prop them up, OPEC declined.
Add in Iraq now producing near full capacity and Iran re-entering the market. Australia and Israel announcing massive oil discoveries and those U.S. shale claims shrink to drops in a bucket.
Posted on 1/21/16 at 9:04 am to The First Cut
He's an IT nerd... cut him some slack. He has no clue how things work in the world outside of anime and World of Warcraft.
Posted on 1/21/16 at 9:04 am to stout
quote:seems like this younger generation does not grasp the concept of not working=going hungry.
I don't understand why many of these guys can't come work on the multiple developments here in Lake Charles. They are hurting for everything from labor, welders, engineers, etc
Posted on 1/21/16 at 9:04 am to Placebeaux
quote:
In Houma its true. But then again Houma is 100% invested in oil and more specifically they are 100% oil service industry. Houma is on the road to becoming Detroit.
Well that's different.
Just curious how the seafood industry is going to get destroyed by O&G doing poorly. (just an example)
You can't say that every industry in Louisiana is going to be destroyed by this. It simply isn't true.
Posted on 1/21/16 at 9:06 am to Arkapigdiesel
quote:
But, guess what, working for one of the major O&G companies is something that most people with half of a functioning brain would jump at doing. It's a well paying job, with great benefits. So, yeah, most people (if given the choice) would jump at working in O&G.
There are many well paying career paths outside of O&G, you have a very narrow view of available career choices apparently
Posted on 1/21/16 at 9:06 am to TheCaterpillar
It will impact the seafood industry because there are fewer people in Houma with disposable income. Just like Mother's Restaurant in New Orleans will be hurt if One Shell Square closes. These things don't happen in a vacuum.
Posted on 1/21/16 at 9:06 am to Boagni Swamp
quote:
I still see the Saudis as the main culprit.
Aramco's production numbers are relativly unchanged over the last decade, the folks that exponentially increased supply are to blame/credit for the price war.
Drill Baby Drill achieved its intended goal, some just could not see the train comming down the tracks.
Posted on 1/21/16 at 9:08 am to TheCaterpillar
I have a question for those in this thread who know more than I do on the subject:
What would you do if you were Louisiana’s Governor and State Legislature to ease the pain of losing O&G profits and jobs in the state? Do we want to invest in other industries? Cut taxes on O&G companies to incentivize them to stay in LA?
What would you do if you were Louisiana’s Governor and State Legislature to ease the pain of losing O&G profits and jobs in the state? Do we want to invest in other industries? Cut taxes on O&G companies to incentivize them to stay in LA?
Posted on 1/21/16 at 9:08 am to TheCaterpillar
quote:
Just curious how the seafood industry is going to get destroyed by O&G doing poorly. (just an example)
There will be less money spent generally in LA so everything will hurt.
Posted on 1/21/16 at 9:09 am to Epic Cajun
I'm not sure how many well paying jobs for those without degrees there are outside of O & G.
Posted on 1/21/16 at 9:10 am to The First Cut
quote:
It will impact the seafood industry because there are fewer people in Houma with disposable income. Just like Mother's Restaurant in New Orleans will be hurt if One Shell Square closes. These things don't happen in a vacuum.
Most of these seafood companies make more money shipping out of state now.
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