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re: TM: “Houston Is Not Prepared for the Oil Bust“
Posted on 4/20/20 at 10:22 pm to MrLSU
Posted on 4/20/20 at 10:22 pm to MrLSU
quote:
assume that oil prices will quickly bounce back, as they always have
Uhh...oil bounced back quickly during the last downturn? Could have fooled me. Felt like it took years to get out a hole that happened in just a few months. Never actually got close to what things were.
1
Posted on 4/20/20 at 10:27 pm to kciDAtaE
quote:
After 1980, reduced demand and increased production produced a glut on the world market. The result was a six-year decline in the price of oil, which reduced the price by half in 1986 alone.
The industry is looking at a recovery time closer to 6 years and the massive loss of knowledge and experience that won't return.
Posted on 4/20/20 at 10:45 pm to redstick13
Same thing happened 5 years ago, 13 years ago, 30 years ago. It will be ok. It’s a cyclical and volatile industry. There will always be someone smart and aggressive enough to make money in the oil and gas industry. It’s not going anywhere.
Posted on 4/20/20 at 10:57 pm to Newrow
I didn't say it was going anywhere. What I'm saying is that this recovery will be worse than 5 and 13 years ago. The industry has only seen something close to this scale 40 years ago and it took nearly 10 years to recover from it.
This post was edited on 4/20/20 at 10:58 pm
Posted on 4/20/20 at 11:24 pm to Newrow
quote:
Same thing happened 5 years ago, 13 years ago, 30 years ago. It will be ok. It’s a cyclical and volatile industry. There will always be someone smart and aggressive enough to make money in the oil and gas industry. It’s not going anywhere.
This has never happened before in the oil industry. Downturns? Sure. Negative futures prices? No. We are in uncharted waters and the fact that the last major downturn was only 5 years ago makes things worse.
Posted on 4/20/20 at 11:56 pm to BregmansWheelbarrow
quote:
How can such a giant industry be so unsustainable?
Have you seen the margins? They are razor thin so any interruption is a disaster waiting to happen for many smaller operations.
Posted on 4/21/20 at 12:52 am to stout
SLB is dumping 25% of their NAM headcount and 10% worldwide
HAL and NOV the same, that will hurt Houston more short term than futures, a lot of taxpayers are getting laid off
Drilling is in the tank until the majors buy up the little guys, gas and O&G production are fine for now. Will know more soon enough
HAL and NOV the same, that will hurt Houston more short term than futures, a lot of taxpayers are getting laid off
Drilling is in the tank until the majors buy up the little guys, gas and O&G production are fine for now. Will know more soon enough
Posted on 4/21/20 at 12:57 am to MrLSU
quote:Except investing in green energy is only attractive when oil prices are very high and green energy can be marketed as a cheaper alternative. Nobody is buying on solar energy when oil is at record lows.
diversify employment into areas such as wind and solar manufacturing
Posted on 4/21/20 at 1:01 am to Tiger Prawn
Right which is why AOC’s now deleted tweet was so humorous
Posted on 4/21/20 at 1:06 am to reddy tiger
quote:
Houston is the next Detroit.
Posted on 4/21/20 at 1:19 am to MrLSU
You have to remember that the Texas Monthly is a liberal rag that hates the Oil Industry.
Posted on 4/21/20 at 2:37 am to lostinbr
We are also in the middle of an economic shut down which directly affects the oil and gas industry, and we have never seen that before so it is slightly different.
Posted on 4/21/20 at 2:50 am to MrLSU
quote:
Evan Mintz
Shocker.....
Posted on 4/21/20 at 2:54 am to MrLSU
Oil workers will be the next coal workers during the next election.
Posted on 4/21/20 at 5:33 am to UpToPar
quote:
That’s only a small part of why prices are so low.
Really? So how small apart would you say consumption/ demand for a Product is in the scheme of its value?
Posted on 4/21/20 at 6:36 am to MrLSU
The real problem is we don’t have a national energy policy.
It’s not just Trump’s fault. Although lacking the foresight and leadership on such a policy is an understatement with him.
It’s been the case for Obama and before. Our most important industry, the lifeblood of our economy is the wild west and subject to the whims of corrupt foreign governments.
It’s not just Trump’s fault. Although lacking the foresight and leadership on such a policy is an understatement with him.
It’s been the case for Obama and before. Our most important industry, the lifeblood of our economy is the wild west and subject to the whims of corrupt foreign governments.
This post was edited on 4/21/20 at 6:40 am
Posted on 4/21/20 at 6:48 am to MrLSU
For some reason, I believe the eventual turnaround will be fairly quick.
Posted on 4/21/20 at 7:14 am to MrLSU
Houston is doing just fine
Posted on 4/21/20 at 7:14 am to redstick13
quote:
What I'm saying is that this recovery will be worse than 5
Still haven’t recovered from 5 years ago
Posted on 4/21/20 at 7:22 am to HoustonGumbeauxGuy
quote:
Houston is doing just fine
Texans fans beg to differ.
If it lasts longer than 1 year you gonna see a lot of people not come back. Lots of older people in west texas with experience. So glad I didnt move out there and buy a 400k house when pressured to. The housing market gonna fall off a cliff out there
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