Glad you wrote "shortage", not a real shortage.
Glad you wrote "shortage", not a real shortage.
I remember when the refinery in Coffeyville Ks got shut down by a flood a few years back. The gasoline prices immediately spiked over .30 a gallon. News reports on OKC and Tulsa TV stations said the shutdown caused the spike.
That particular refinery only makes grease products. Hadn't refined any gasoline in over 20 years. When the "real story" got out, the prices instantly dropped.
Its not all about one refinery going off line. The Refinery in Ponca is still going full guns. I drove by the huge gasoline storage tanks in the refinery tank farm today. They have floating tops to help prevent vapor explosions and condensation.
I'd say 80% of them were completely full which is about normal for the gasoline tanks.
Chevron has informed the Texas Workforce Commission that it will start cutting jobs in Houston in October. The company announced last month that it would shed its workforce in the city by 950 jobs, in addition to 500 jobs at its headquarters in San Ramon, CA, 50 international positions and 600 contractor jobs. Out of the total 1,500 permanent positions to be eliminated, roughly 270 are currently vacant. Today's news reveal that the job cuts that have principally impacted the oilfield workers over the last year are now more frequently affecting the corporate offices.
In its notification letter to the Texas Workforce Commission, Chevron said, "In light of the current market environment, Chevron is taking action focused on increasing efficiency, reducing costs and focusing on work that directly supports business priorities."
Chevron employees will be given two months advance notice that their jobs have been cut, the company said. Chevron told the Texas Workforce Commission in a letter last week that the first workers will leave in October.
Although the company has not revealed which specific positions it plans to eliminate in Houston, Chevron told state regulators that it will target positions at its four corporate centers in Downtown Houston. The 950 lay offs represent approximately 12% of Chevrons Houston workforce.
In its notification letter to the Texas Workforce Commission, Chevron said, "In light of the current market environment, Chevron is taking action focused on increasing efficiency, reducing costs and focusing on work that directly supports business priorities."
Chevron employees will be given two months advance notice that their jobs have been cut, the company said. Chevron told the Texas Workforce Commission in a letter last week that the first workers will leave in October.
Although the company has not revealed which specific positions it plans to eliminate in Houston, Chevron told state regulators that it will target positions at its four corporate centers in Downtown Houston. The 950 lay offs represent approximately 12% of Chevrons Houston workforce.
I just heard that a 30% headcount reduction is getting ready to happen at Chesapeake.
Low prices definitely helps me out. I'm in the aviation industry and also run a small ranch.
Where did you hear this? Think it's true?
A coworker's daughter, who is an analyst for CHK, made a call and told him today. Yes, I would wager it is true.
Well, that's just terrible news.
It is terrible news. Tomorrow is Friday too. The day for layoffs!
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