re: Rumor Shell is closing down its New Orleans operations

You'll have to ask stout that question. I don't know if a huge influx of cheap housing is good for his industry or if that signals an incoming bubble. I really don't know.

Wasn't anyone crying for me when my sales career took a dive due to the failing economy in 2008. I lost everything.

Time for these boys to do what I did then, pull up your boot straps and turn it into something positive. I hate to see anyone go through what I did, but it was a blessing in disguise. I found a new career and have made the best of it.

Life goes on even without truck nuts.

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not to be a downer or anything like that but will the housing market be outstanding soon? I mean if there are so many high dollar oil filed workers out of work, then all those high dollar house should be on the market soon. With no one to buy. Therefore low low prices. Right?

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Of course there will be more inventory and a shortage of buyers obviously. Also look for the foreclosure market to grow substantially.

The only area there may be somewhat of a shortage in is SWLA due to an influx of workers for these LNG projects.

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come work on the multiple developments here in Lake Charles. They are hurting for everything from labor, welders, engineers, etc

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I hear you Stout. I had a conversation with a fairly large mechanical contractor last week about how much they are still hurting from labor shortages, and he was actually a little optimistic that the cutbacks would send quality people back into the industry. Wages have had to become more competitive to even have a shot at competing with O&G.

And Lake Chuck is BOOOMING right now. Sasol is happening and everything from labor to real estate is skyrocketing. I've got family over there and even in the little town they live in north of the city is seeing real estate prices they never would've even dreamed possible.

Once again, most oilfield workers bring a wealth of experience that is very attractive. There are tons of jobs to be had, because trade work is very unpopular in high schools in this state where all guidance counselors tell you is to go to college. It's sad to see the stain of people getting into trades now because they have no other choice. You end up with a lot of guys that bring arse and face to the job with no pride in what they do or their craft.

I guess I'm just skeptical about the O&G doom and gloom. For years I've heard "Drill baby Drill" while it cost me a fortune to commute to work. Everything from gas to milk and bread got more expensive. So now we've drilled baby drilled and the industry is collapsing? Price of oil today is about what it was back in the late 90's when gas was $.79/g and people were begging to get into the industry while it was raking in profits. Seems like there will be an adjustment as goods and services adjust to the price difference and companies retool to the new market conditions. State revenues are going to take a hit, and we so wisely elected a liberal to office because Vitter screwed hookers, so I can't wait to pay more taxes !

So this story is false? I'd hope that Shell puts it something official soon, or maybe they just ignore the rumors.

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decided to stay.

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Sometimes the OT sucks. Whew!

I mean, I'll mention it again too, Lake Charles is BOOMING. Anyone losing their jobs need to think about relocating to Lake Chalres. I have one client who just owns a little small business who is closing it down just to take a job with Sasol. His business was doing okay to and it was what he loved, but he couldn't pass up the money. Another client can't hire enough people to keep up with the housing demand. He has had to recommend people from other parts of the state just because he doesn't have enough labor for all the demand in Lake Charles.

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the legal field was gutted to much rejoice, as well

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Shell also announced yesterday an across the board 20% decrease in all outside litigation work & outside law firm expenditures for 2016. This will definitely impact the large number of oil & gas law firms in La. New Orleans will be better able to absorb than Lafayette/Houma though.

Still if I was in oil and gas I would be moving my entire operation to Texas right now to take advantage of their bankruptcy laws which is one reason Texas surpassed Louisiana in the 80s

I hate that people are losing their jobs, but I'm very glad that our gas prices are so low.

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.