Surely any right minded person knew US fracking would burst at some point most economists predicted this years ago but still the majors ploughed billions investing in their own downfall selfishly ignoring the concerns of those outside the USA to steady investment and production.Easy to blame OPEC they have only reacted to teach the new comers not to mess with them in the only way they know by further saturating the market with cheap oil.The layoffs which were predicted years ago have come to fruit no surprise here greed prevailed. The rush is over US companies will feel the effect for years to come the honeycombed chemical saturated land this greed came from will be left bare with rusted equipment and huge environmental problems just around the corner don't expect the majors to pick up the bill for the clean up most will be bankrupt the taxpayers will have to foot the bill. Me it does not make me happy to see people being laid off but hopefully it will kick start greener energy.Just think a world without Oil would be a cleaner and safer place, clean air and no Oil wars to fight over now there's a good legacy to leave our kids.
7 replies (most recent on top)
People are no longer interested in fossil fuels green energy is kicking off big time hydrogen cell automobiles are just around the corner, Solar panels are now cheaper to produce also wind and wave is booming the next generation just wants clean air.Embrace the new path quit the oil industry and move across to greener employment.
U r a putz GoGreen
Services companies had to follow the money Weatherford is no different, it survived many times before and will again job losses are horrible everyone working in Oil & Gas knows its a volatile industry and no longer a job for life, when it picks up again many of those laid off will be back to play the game and get the rewards..
I can't see that any majors have fallen. All I see is workforce reduction due to decreased demand. Economical fracking created a boom in NA and now that has gone bust. There has been human fallout. The majors strive forward a bit leaner but flush with the cash they made during the boom. Not the first time nor the last. What seems to be different about this particular downturn is that it seems to be highly focused on the US. Questionable bank lending practices to support shale oil will likely result in even more casualties. I cannot see the US being independent of foreign oil for the long term. Short term yes but not for the long haul. What needs to happen is that all sovereign governments need to base their fiscal policy on what is in the best interests of the USA and American citizens at all times and at all costs. Only then will the world be as it should be. Right now, OPEC is only thinking about what is good for themselves. Who do they think they are? Mark Sykes and Francois Picot clearly drew the lines incorrectly. Since none of the major operating or service company managements could give a gnat's eyelash about the wellbeing of their employment families, foreign governments need to step in and fill that void and protect the rights of the individuals who are cast aside in favor of raising stock price to maximize return on their option prices.
Wake up you have some short term thinking. Oil companies invest billions in alternative energies because that is the future. Oil is not going away for a long long time. Most people don't realize that most things we purchase, other than food, are byproducts of the oil industry. Necessity will generate the next wave of energy, but I don't think that will happen on a wide scale for some time. By the way, this fracking you speak of is not new. Wells have been fracked since the forties. Look it up.
In 5 years time when ISIS control the Middle East and half of Europe US oil will be our savour
Going green sounds good for a tree hugging hippie. I want gasoline cars and trucks. I don't want a windpowered car. Instead of that, we should quit importing oil from mid east and be a self suffecient country. If you dont wanna pay for gas regardless of price, ride your bike. Oil isnt the only commodity rising in price. It isnt the only greedy industry. Cell phones are high as hell and milk keeps going up too. Is that from over fracking.....nope.... lets start exporting our oil and quit importing it. Lets stay,out of foreign countries affairs and quit trying to keep relations to bave access to thier oil. I want american oil and the oil patch is my career so i don't want it to end. Read the article about cowboyistan. It will show we can make it on our own. They need us more than we need them....