Well, WTI futures currently down to $43.88/barrel. DOW futures down around 500 points. Everyone knows that by the end of this year someone they know will be out of a job in a shrinking industry. Russia is not agreeing to an OPEC production cut. Previous cuts have not worked to stabilize the price of crude oil. Ever wonder that maybe you should have gone into another line of work?
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Oil companies should join OPEC. After all they produce most of the oil in the world.
It’s a wave function. I have been around long enough to know. I thought the old guys in mid 80s were nuts when I heard them grumbling, telling me it’s happening again. They were near retirement and told me it was the third time they saw oil go down.
It happened again after Gulf wars ended.
It’s happening again. I will never forget truck bumpersticker in Houston.
Please Lord let there be another Oil Boom I promise I won’t piss it away this time
It is down 10.11% at $41.26/barrel. Wow! All because of a virus from China, and Russia not agreeing to a production cut. This could last for at least a month. Will probably go below $40. Oh well. It is out of our control.
I just sure hope that "someone you know" who's out of a job includes me!
Fingers crossed;-) ... lmao!
That should be $42/barrel. And yes, it will make a difference.
It is now down 8% at $42.33/barrel for WTI. If this continues to below $43, then it could, or will, be a whole new game plan for budget and employee restructuring.
I wonder if we will start having some companies go bankrupt.
When I was in college in the late 90’s the Internet was a newer thing. Everything tech related was HOT. All the IT guys were getting large offers 6 months before graduation and then it crashed. Their were layoffs, the sky was falling, all those guys who saw their buddies getting offers before graduation were now finishing school without a job and ended up doing things like tech support for $15/hr.
That was a bust time for IT people. But Things eventually came back, as they always do.
In 2006, I was working in the Auto Industry in Michigan. I was making pretty good money. Then demand fell, costs increased. The industry was struggling. I watched many of my co-workers lose their jobs. The auto industry was asking for bail outs from the government. Eventually, I to lost my job.
That was a bust time for the Auto industry. It eventually passed and I think most are doing okay now. But it s—ed at the time.
Shortly after leaving the auto industry I got into the gas and oil industry. Things were HOT! They could not hire people quick enough. Oil was over $140 a barrel. But all good things cannot last.
Things fell in 2016 and we were at $36 a barrel. I saw many of my good friends get laid off. It’s a reality of the industry.
I can’t say we ever made it back into the glory days of $140 a barrel but we had some okay days between 2016 and now. We are just in another slump and it will eventually get better, it always does.
As a result, your going to see some guys get let go. You might even get let go yourself. That is how life works. Don’t spend your CIP right away, which you probably got today. There are rough waters ahead. Be prepared.
Start making contingent plans. Freshen up your resume and brace for what is likely going to come. It’s times like these that can make or break you. Sometimes getting laid off brings new and better opportunities. Trust me, it happened to me when I was in the auto industry. It was devastating at the moment but it lead to new and better opportunities.
WTI now down 6.34% at $42.99/barrel. Getting real ugly in the oil biz.
The struggle between oil production cuts and price stability is as old as the hills. If you don’t understand this by now you never will. Try fundamental economic theory before tackling more complex rationales in the real world.
All industries have their peaks and valleys. No doubt, there have been oil booms and busts and we will continue to have them.
I agree, things are not good right now, but if you can weather the storm there will be brighter days ahead. This has been a repeating record through the history of time.