Just some info to put the current oil market in perspective. The price of oil is in inflation adjusted dollars to 2015.
1946 - $17.71
1979 - $117.18 (peak)
1990 - $61.46 (peak)
1998 - $12.47 (low)
2008 - $136.55 (peak)
2009 - $34.60 (low)
2014 - $98.00
2016 - $28.00 (January 21)
2016 - $47.13 (today at 11:45 CST)
Average since 1946 - $41.78
Average since 1980 - $53.08
Average since 2000 - $63.67
You can draw your own conclusions about the near future of the oil industry.
40 to 45 may be the worst age to get laid off from this industry. You have a lot vested in this industry. And you have many more years left. Pivoting to a new industry is hard, unless you have a highly valuable and tranferable skill like software.
I found some additional oil price info. I don't believe this has been adjusted to 2015 dollars.
2012 - $94.03 average
2013 - $97.53 average
2014 - $91.56 average
2015 - $49.19 average
2016 - $40.46 average (thru August)
The 2016 average will likely increase when the year is over. Most information I have found has a general range of $55 - $60 average price for the industry to stabilize in a healthy state. I know I will never be going back. Oh, well.
Please Don't feed the little pederastic hitler protege g-a-y troll wannabe. He is trying to lure out a young boy for his perverted enjoyment like he always does after he spouts his anti-western and anti-O&G gibberish. Just ignore him. He is an imbecile and hates to be ignored as he craves attention for he is a small child.
OP here. Yes I got the info from a website. Where else would I find it? Right now, the oil futures are down 39 cents to $47.02 which is almost 30% below the 2000-2016 average. The world economy is very different and unpredictable now than in the past, with central banks artificially propping up economies and negative interest rates appearing. Even with all of the layoffs that have happened, and will continue into next year, crude oil prices will remain under downward pressure for quite a while and will make it extremely difficult for the oil majors to have the profits of 2013 or 2014. If you are unemployed from this industry, it is going to be tough going unless you do a complete industry/career change. I got axed in April and at 62, have decided to call it quits and just retire. I feel bad for those in their 30's and 40's who lost their jobs.
-qow......is that Zarqawi? Hows the after life? I heard you mumble some camel fingering garbage like this back in 2005. That the west was going to be done in 2 years. That was 11 years ago.
And its not the so called West - it actually IS the West. Look at a globe or map - the civilized world moved away from you sand twerps a long time ago. Too much bigotry in your religion, you see.
You just took the data from inflationdata.com. Not sure what your point is, however. The following statements are true:
prices have been under $41 for most of last 70 years
prices have been mostly higher than the long term trend since 1974 (OPEC)
prices are behaving with more volatility since 2000
prices may stay low, go lower and go higher in the future
These changes clearly show that full collapse of the so called west is imminent. Three century of terrorism must be paid off. That is coming very soon.
Vex: I believe you nailed it. A driller for sure.
Wonder what caused it to peak so much in 2008? Weak dollar? Speculation?
Data seems to indicate buy and hold ;-).
I think the deadwood that needs chopping is utt who does not understand what inflation adjusted dollars to 2015 means. Wow. Chevron loves to hire people who cannot understand Economics 101. Must be an uneducated redneck driller, since he calls us all "boys" at the end. OP did a good thing by bringing the price of oil into inflation adjusted dollars. Too bad some folks are too stupid to get it.
"The price of oil is in inflation adjusted dollars to 2015." What? spent all that time figuring this out and couldn't explain it any better? DEAD WOOD THAT NEEDS CHOPPIN RIGHT HERE BOYS