Tomorrow will be another day of slaughter in the oil patch. Chevron heading to 70. This is going to inject a renewed urgency to cut more costs.
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Thanks for telling me "wait until the market bottoms". Now can you point out when that will take place???
"The time to buy is when there's blood in the streets." Baron Rothschild. In other words, BTMFD (By the MuthaF Dip)...but wait until the market bottoms. I believe that CVX and other energy stocks are still good companies fundamentally.
My house is paid off, thanks to the severance check Chevron gave me. I'm retired and staying put. Good luck to everyone else.
If you have a house in a oil town, good luck in trying to sell it.
toeday is 1985 it got worse in 1986 which will start soon. i started in the oilfield in 1979 Ive seen this show before
Worse than the 80s? Hard to predict. Demand dropped. OPEC decided not to cut back oil production. Oil dropped to less than a third of what it had been selling for. It did bounce back some to about half of what it was, and sat relatively stagnant for the next 10 years. Pretty much killed the EOR portion of the industry. Wiped out large sections of support industry leveraged to hilt with debt. Chevron saw layoffs in 1986, 1988, 1990, & 1992. And again 1998 when Management over reacted to a price correction. Today? Demand dropped. OPEC decided not to cut back oil production. Oil is approaching that drop to 1/3 of price. Shale oil is being shut down. Layoffs in 2015. Starting to see news report of support industry in trouble. Financially probably not as bad due to consolidations.
I think this could be worst.
Is this worse than the 80's? Or will time tell? Or are we much better off?