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What’s bad about the price of oil dropping?
Posted on 3/9/20 at 12:43 am
Posted on 3/9/20 at 12:43 am
Not a pretend economist like many people on this board. What’s bad about the price of oil dropping?
23
Posted on 3/9/20 at 12:46 am to Parmen
It is bad for those that pump oil and those that work for those that pump oil. It is good for everyone else because the price of airplane tickets will go down.
The price of transporting goods will go down.
The price of going fishing will go down.
The price of everything will go down.
Businesses will have lower overhead and will make larger profits.
The lower the price of energy the better.
The price of transporting goods will go down.
The price of going fishing will go down.
The price of everything will go down.
Businesses will have lower overhead and will make larger profits.
The lower the price of energy the better.
Posted on 3/9/20 at 12:48 am to Parmen
if you don't live in LA, nothing
if you do live in LA, everything
if you do live in LA, everything
Posted on 3/9/20 at 12:53 am to Parmen
US oil industry is revamped for low oil prices after the crash in 2015. It won’t be that bad, the benefit is low fuel prices are a great way to kickstart the new US manufacturing industries.
Plus low oil prices are a kick in the nuts to some of the global bad guys
Plus low oil prices are a kick in the nuts to some of the global bad guys
Posted on 3/9/20 at 12:58 am to Parmen
US jobs, specifically people who post here.
Posted on 3/9/20 at 1:00 am to momentoftruth87
It won’t cost jobs on net
That is called the broken window fallacy
That is called the broken window fallacy
Posted on 3/9/20 at 1:05 am to momentoftruth87
Lower cost of doing business is good for business contrary to what some people think.
Would Amazon make more money if their gas cost went to zero?
Would the airline co. make more money if their jet fuel cost went to zero?
Would cost of anything shipped (which is almost everything) go down if the price of gas was zero?
Would the farmers cost to grow everyone's food go down if the price of gas was zero.
Energy cost is a part of every purchase you make.
Would Amazon make more money if their gas cost went to zero?
Would the airline co. make more money if their jet fuel cost went to zero?
Would cost of anything shipped (which is almost everything) go down if the price of gas was zero?
Would the farmers cost to grow everyone's food go down if the price of gas was zero.
Energy cost is a part of every purchase you make.
Posted on 3/9/20 at 1:06 am to HailHailtoMichigan!
US oil companies have been trimming fat for four years. Lifting costs are way down, increased gas and diesel consumption with warm weather will fill in some of the gaps. Decreased costs of feed stocks will cause manufacturing to go boom. Plus the Chinese manufacturing shortages have caused consumption and supply chain to look elsewhere. Energy independence is a huge bargaining tool for the US economy. We will be fine
Posted on 3/9/20 at 1:08 am to Parmen
quote:
What’s bad about the price of oil dropping?
Not much. Oil conglomerates who have half a foot in solar and wind will start pushing for alternative energy (since they can't compete).
The average worker in O&G will get screwed, but half of them would screw over the rest of the country to earn a buck anyways.
Posted on 3/9/20 at 1:13 am to omegaman66
Most of those susceptible to layoffs in oil and gas were laid off four years ago. Energy personnel has been lean due to oil and gas mergers, reduced work loads and tightening of drilling spending for the last five years. Domestic oil demand is more than enough to sustain the personnel load we have now. A lot of drilling guys are building pipelines now, etc. midstream and downstream personnel demands are sky high.
Plus it is cheaper and more efficient to frac now than it has ever been. We have been doing more with less since 2015. The industry has adapted and is strong.
Plus it is cheaper and more efficient to frac now than it has ever been. We have been doing more with less since 2015. The industry has adapted and is strong.
Posted on 3/9/20 at 1:16 am to supatigah
Oil prices going down is not going to effect anyone that works for or with O&G companies for at least a year.
Budgets are made annually and spending of the entire budget must be done or else they risk an automatically decreased budget the following year.
Budgets are made annually and spending of the entire budget must be done or else they risk an automatically decreased budget the following year.
Posted on 3/9/20 at 1:17 am to mmcgrath
quote:
Not much.
quote:Your empathy for the working man is touching
The average worker in O&G will get screwed, but half of them would screw over the rest of the country to earn a buck anyways.
Posted on 3/9/20 at 1:20 am to Kafka
Yeah he’s a dick. It doesn’t just include truck nut cladded oil field baws in Louisiana. I work for a custom steel fabricator and 90% of our business is O&G all over the country and occasionally abroad. Louisiana is an especially reliable customer. The tentacles reach a long way.
Posted on 3/9/20 at 1:20 am to omegaman66
quote:...in the midst of an outbreak that the MSM Propaganda Machine is hyping and hoping will kill half of us, which is causing hesitation when considering air travel...
the price of airplane tickets will go down.
Posted on 3/9/20 at 1:24 am to Kafka
quote:I only said half. The half that would post online mocking everyone else when times are good and voting in their sole interest. Nobody on this board I am sure.
Your empathy for the working man is touching
To tell you the truth I wish no one harm and wish the O&G workers well. I would have them take part in half of the windfalls the CEO's and the like partake. And that goes for windfalls in renewable energy as well.
Posted on 3/9/20 at 1:27 am to Parmen
pros - its great for low gas prices and costs to ship fods brings food costs down
cons - every job even remotely related to oil and gas industry will be making huge cutbacks and laying off the majority of field workers because profits are way way down
quick summary, lower prices are great but people will be losing their jobs because of it
cons - every job even remotely related to oil and gas industry will be making huge cutbacks and laying off the majority of field workers because profits are way way down
quick summary, lower prices are great but people will be losing their jobs because of it
This post was edited on 3/9/20 at 1:28 am
Posted on 3/9/20 at 1:28 am to supatigah
quote:
US oil industry is revamped for low oil prices after the crash in 2015. It won’t be that bad,
Uhhh, wtf planet have you been living on???
Posted on 3/9/20 at 1:33 am to supatigah
quote:
Domestic oil demand is more than enough to sustain the personnel load we have now. A lot of drilling guys are building pipelines now, etc. midstream and downstream personnel demands are sky high.
Plus it is cheaper and more efficient to frac now than it has ever been. We have been doing more with less since 2015. The industry has adapted and is strong.
Again, taking downstream out of the above, how do you arrive at such an absurd conclusion that an industry with unsustainable debt loads is “fine”. Midstream and E&Ps are absolute wrecks prior to corona or this price war...layoffs have been going on since 2015 - they didn’t happen then stop.
Posted on 3/9/20 at 1:34 am to OBReb6
quote:
Oil prices going down is not going to effect anyone that works for or with O&G companies for at least a year.
Budgets are made annually and spending of the entire budget must be done or else they risk an automatically decreased budget the following year.
Lol wut?
Posted on 3/9/20 at 1:40 am to Parmen
It's bad for the Louisiana oil rig baws. It's good for the rest of us. Working on oil rigs is degenerate anyways, maybe this will make some of the lazy oil baws get a real job.
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