I held off..... And you posted my exact thoughts.

I don't feel bad for mom and pop companies hat don't store funds for rainy days, you operate on the banks money then you fold when it hits the fan. Shame on ya! No different than regular folk living without an emergency fund.


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Oh I agree the iPads are a dumb idea but my point is the energy revenue is far reaching

Soo what about people who make a living off oilfield services like big hunting lodges and guides ??

How much money do you think they have saves up ? Enough to last how long ??

Short term is no big deal but long term will hurt way more than just mom and pop companies

Don't you work In the oil industry ??

Hotels could close down in small towns that support workers from out of town like places up north where the gas boom was creating thousands of jobs

If no jobs are there then everyone suffers from the gas station to the hotel workers

If you maintain your employees and payroll as a mom and pop driller with an emergency fund then the economic reach isn't as great as what you are picturing.

My competitor laid off dozens during our last economic downturn and we hired people... We didn't cut anything and were able to attack the market and scoop up where our competitors failed due to poor money management.


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Incase this was missed by some of yall!
Stop being narrow minded and selfish.

Talked to one of my customers Monday .He has been into oil futures BIG time for the last 20 years.
His opinion is that the US govt and the Saudis are in bed together to drive and keep prices down . And in his opinion we are not near the bottom. Just another way for our govt to kill the American economy and the American worker.

I will give you just a small example of how it hurts everyone, especially in a micro economy. I live in small town fifteen or so miles off the coast. There are two grocery stores in town. One one on each side of the tracks. The one on the poorer side of town, store A, is a little cheaper, the produce isn't as fresh, its noticeably smaller than store B. The average shopper at store A probably spends half of what the average shopper at store B spends. Well the owner of store A knows a few guys that work in the oilfield. Turns out platforms and drilling rigs need groceries. Well the owner of store A goes to the local Ford dealer and buys 3 econoline vans to start supplying rigs with groceries. He also hires 6 drivers. He gets these vans serviced at the local mechanic, buys tires at the local tire shop. He starts generating more revenue. Builds a a convenience store with gas pumps out in front of the main store. Hires some more cashiers for that store. All of a sudden 15 or so people that didn't have jobs are employed. They are able to afford repairs to their cars or homes that they previously could not. They hire handy men or carpenters who buy supplies at the local lumber yard. The cycle is endless. Its not just the guys working 14 and 14 that are dependent on the oilfield. In a small town like mine oil is the lifeblood. All people see when they think of oilfield workers are the 19 year old kids who go out and buy the biggest truck they can get finance for, racking their pipes up and down main street. Its hard to feel too bad for him when he gets laid off. But what about the single mother working as a cashier that loose her job because the revenue from the rig groceries is gone. I have friends that have 9 to 5 jobs that resent the fact that I make twice as much as them and have a two week vacation every two weeks. I went to school, I could get a job normal job but it really doesn't interest me. I like the adventure and the challenge of working out here. Working in the same office for the next 30 years just to get to go home and eat what their fat wives decided to microwave sounds like a nightmare to me. But I am also typing this from a 50 year old inland barge on Christmas day. Everything in life is a comprimise. But don't for one second kid yourself about the importance of oil to the economy of Louisiana. Everything is effected by it, everything.

Baker Huges / Haib just laid off thousand and will lay off more
I'm sure they have a huge emergency fund !!

They should have enough to keep them going for 2-3 years


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Yea at the expense of who ? The worker
These are 70k 80k 90k 100k 110k 120k 130k jobs that people are losing


If your making a 100k a year and lose your job due to oil prices where do you go and make that income ?

Word on the street is that most of them were Baker guys or young Halliburton employees. I worked for Halliburton for almost 4 years. Was laid off once and hired back a week later at a lower grade. Halliburton is so top heavy, there's almost as many guys in the office as they are in the field. I am pretty sure what they did was just make a little room to kick the Baker office guys back into the field. December layoffs are business as usual at the Evil Empire. Office clowns never get the boot either, just field boys. Can't mess up the skeet shooting teem or the golf foursome.

they do have some hell of skeet shooting team lol


We are just opposite ; we will cut office jobs before field jobs as field makes profit and office makes Zero

The corporate culture there is insane. Everyone in the office walks around like deer at the end of the season. Ever seen that Sienfeld episode about the Soup Nazi. I am pretty sure the Soup Nazi is running Halliburton's GOM division.

I'm sure they do have a huge emergency fund. But they're too greedy to waste it on the people that made them the money.

It can go both ways. This store owner buys 3 vans. But the regular folk save $$200 a month or more in fuel bill. Drive way more. There's your tires for your tire salesman. More oil changes. More money to spend on groceries and entertainment for himself rather than oil company entertaining clients. It goes both ways.

?


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Not really. Reason being is that store owner expanded his business to meet a demand. When there is no more demand he either has to find a new way to generate revenue or down size. Good luck find a new customer witht he rest of the local economy in shambles. So he's going to downsize. The "regular folk" that were hired when he expanded no loger have jobs to pay for that cheap gas so they aren't going to be driving anywhere. Maybe to the unemployment office.

Don't get me wrong. I don't wanna see anyone lose their job. But 6 kids gettin cut from bathin groceries can slide on down the road to mcds and be ok. It's gonna hurt some ppl but benefit ppl also

Funny reading this realizing how people think they know how companies are run, but don't have a clue. The simple fact is it takes more than $70-80 to make the risk of drilling deep water worth it. Companies whether oil or retail or any type are not going to pay employees and use up cash reserves when demand for there service doesn't exist. It's all about making the company attractive to investors. If they don't layoff to meet demand then stocks sell off resulting in even more layoffs. Cheap gas is very expensive for the unemployed. The situation in Louisiana and Tx is going to get very ugly. Field workers AND office employees are going to hit the street, with little hope of landing a similar position. It will affect housing prices, car sales, entertainment, etc. it will get ugly for many of us, our families, and friends. The effect of low prices means reduced drilling, reduced production, then short supply, the scare of PEAK oil, high prices, then trickle effect of high prices with food, and this awful yo-yo continues. What is needed sustainable prices that are affordable to the consumer and profitable enough to be worth taking the risk.

#microcosm