Cheap Oil Price is Not good!!!!
 

Not matter what anyone say, the lower/cheap oil prices is not good for the US economy nor Global economy. Let's hope and pray everyone can survive this down wave....

http://money.cnn.com/2015/01/15/news...html?iid=HP_LN

http://oilpro.com/post/9729/oil-serv...-just-got-real

"Oil Service Leader Schlumberger Cuts 9,000 Jobs - It Just Got Real."

I have the perfect solution. An executive order for a floating assessment on refiners to maintain oil prices at a minimum of $100/bbl. Congress could never agree on such a thing. The charge would be passed on to consumers and the price of gasoline would return to $4/gallon. This assessment money would be dedicated to repair highways and bridges. While the president is writing executive orders, he could write one to lower the national speed limit back to 55 mph. This would not only save millions of lives but it would reduce green house gas emissions and save the planet from global warming, I mean global climate change. This would make the voters so happy that they would surely elect another democrat and continue to save the environment.

Been with slb 9 yrs... Survived the layoff in 2008/2009, praying i get thru this one. Just caught wind 25% pay cut also on the horizon.

Dang man. I have been with them almost 5 years now. That is the first I hear about a paycut. Good luck to you. What segment do you work in? Im in DT&R.

Well Guys..I'm a 3rd party contractor.. I just got cut loose in SW TX.. WHERE IT WAS BOOMING... When I say buckle up..It's going to be a slaughter... 10's of 1000's unemployed in next qtr..

Sorry the hear about that....hoping and praying things turn around soon.

Good luck to you as well! PM sent... we may know each other... I am in D&M.

I've been with D&M (pathfinder) for a bout 4.5 years now..they made some cuts today...made it through this time.Praying I make it through , if another comes around


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Man that sucks and I hope things turn fast and get you guys back working !

Freaken sad how the hard working has to pay

Prayers for everyone in the oil field. Looking really bad if you're part of a drilling company in North Dakota or Texas, specifically shale fracking.

http://www.vox.com/2014/12/16/740170...prices-falling

^Yep^




Sent

Not to be joking about the situation, this is serious dumping onto the crude market.
We need a national program for recovery. This would not be allowed if the another nation was dumping corn or rice or chickens into the US for the purpose of monopolizing the market. This is not supply and demand, it is unfair competition. If action is not taken soon, serious consequences will result.

Please elaborate.


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OPEC is flooding the market to drive prices down and hurt the smaller American companies. They made it clear they didn't like the smaller companies taking advantage of the shale oil having theirs hands in OPEC's cookie jar. Therefore they are driving prices down and taking our oil out of the picture so they can have full control back.

Cheap Oil Price is Not good!!!!
 

Our heavy increase in production had nothing to do with a surplus?


I'm just devil's advocate
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sure, but they felt threatened and were in fear of losing market share. among other things.

just like a walmart in a small town. they can either give up a piece of the pie and let the mom & pops thrive or they can drop prices to the floor and drive the mom & pops to the unemployment line and keep all the market or gain some

In the long term, capitalism works and price downturns lead to increasing production efficiency and reducing production costs.

As far as governmental policies go, the focus should be on reducing governmental requirements and policies that increase production costs and artificially deflate demand. Here is a checklist of things the feds could change:

1. Repeal ObamaCare to decrease the cost of labor for employers in the production, transportation, and refining sectors. This will increase competitiveness with foreign produces with far cheaper labor costs.

2. Reduce unneeded regulation and required approval processes.

3. Open the door to cheaper and more efficient transportation and refining through speedy approvals and reduced regulation.

4. Repeal all ethanol subsidies and requirements that reduce demand for oil because it is replaced with subsidized ethanol.

Roger, our own gooberment is one of our worst enemies in this

could this be a tactic to crush Russia's economy?
and in the meantime bring to price of labor down?
don't we all take advantage when the price of oil is high? Salaries go up?

I think it last six-nine months......and I think some of the work going on now is pregnant work......meaning you can't stop it now.

I know rigs are being shut down
We lost a handful of orders Friday that were "put on hold"