Thread regarding Baker Hughes Inc. layoffs

Everybody seems so focus on the petroleum and fail to see the big picture.... always check the dollar value of currency versus the the condition of petroleum..... we are doing good.... let unite and work as one to survive and stop this bickering because what is going on right is in the favor of our nation... it is and has always been a cold war of worldwide financial survival..

True, most jobs will become obsolete in the not too distant future. Get what you can get now as far as property and other tangible assets. Obsess on short yet sure gain investments and push your kids into robotics. The old work till retirement option isn't feasible anymore.

Well if I can take the 60,000 ft view of that, technology is costing human jobs. Not limited to the oil industry. It is happening everywhere. Even in war. Planes for drones. Automated checkout stands at Walmart. Amazon drones eliminating UPS. I guess smart people are learning to build robots. BHI needs to train us in how to service robots. Put away those dirty minds. Not talking Japanese sexbots. I mean robots that do the dirty work. No. The real dirty work.

Not really, the US cant export so even though they are producing they are hardly affecting the world glut...just their own.

We are our own nightmare around the world. We drill wells faster, stimulate and develop them to produre more product...and we are doing this around the world with no regard as to the collective effect. Nobody was actually smart enough to realize that consumption was not increasing at the same rate as production, the world over.

Well this won't be popular but if Saudi had taken this path two years earlier, this would have been over already. I know this would hurt NAM but, if you think about it, there would never have been a NAM shale oil boom to even go bust. NAM would have remained as it was and there would still be work in every producing country. Just sayin'. Saudi is looking after Saudi because they became aware they had fewer friends.

I understand how gas prices would go down. That part makes sense. In a straight up battle, Saudi wins on price. But they also have to consider public spending, military costs, etc. so it isn't totally a heads up battle. But in the case of the US, the govt has no skin in the game. Operating companies have capex, opex and shareholders. I can't see the govt intervening to prop up XOM or CVX share price. I think this is here with us for awhile.

And or, an import ban while updating and building new refineries would make more sense than what's going on now.

Well....WTI is actually cheaper to refine outside of the United States. The U.S imports 7 million barrels per day of heavy oil in order to mix with their lighter oil because U.S refineries are built for heavy crude. The countries they'd export to have refineries that are better equipped for the lighter crude. It's cheaper to refine because it takes less energy consumption. If the crude export ban was overturned, prices wouldn't go up. They'd go down and eventually stabilize. However, Saudi price manipulation would disappear and American labor would increase. The American economy would benefit greatly from the increase in middle-class jobs, additional tax revenue and lower/stable fuel prices. It's basically like making the best lemonade in town but refusing to sell it outside of your own neighborhood. It defies logic.

I am a lowly engineer and not a financial analyst but I don't see how dumping more oil in the world market when WTI is already down because of oil glut will raise crude price and increase domestic drilling. Maybe 16 months ago I might be able to grasp that but not in August, 2015. Forgive my ignorance. But those finance guys are smart. They always walk away with my money in the stock market. They must know something.

True, Saudi is to blame. However, so is the U.S crude export ban. Lifting that ban is what terrifies Saudi. Lift it and Saudi price manipulation will be irrelevant.