Investment in the oil industry fell by more by 20 percent in 2015. To put thing in perspective, the decline in investment is the steepest decline in history. A further decline is seen in 2016. We have never seen in the last 30 years, oil investment declining for two years in a row. For those that still survive the layoff list, hang on folks as this is one of the worst downturn in generations.
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this downturn is not even close to the 80's. Not by a long shot. Things will get much worse, and then you will get a glimpse of what the 80's were like.
Expect a few quick upturns, and then get clobbered again. Not a secure way to pay a mortgage and kiddies.
Leave the oil patch. Or it will leave you when you most need it.
The only reason it only looks worse is because of the amount of people in the work force compared to early 80's. If you scale the percentage down to same amount of people this is just considered a slow down. All companies wouldn't be suffering as bad if they wasn't so much invested in shale gas. Hope they learn their lesson.
Completely agree, and I am afraid is going to be worst than is now.