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The Water Cooler
General Discussion
Are low oil prices helping or hurting you?
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<blockquote data-quote="whiskeysnoot" data-source="post: 2778948" data-attributes="member: 4542"><p>Contrary to such popular belief, Oklahoma's economy does not hinge on the oil industry. Those that believe differently don't know recent history. I'm 45 right now and have lived in OK all my life. When I was a kid all of my relatives in West Texas were living the high life from oil. My grandparents were making $1k/acre for a 3 year lease. Then in the late 80's and all through the 90's oil had tanked (no pun intended). Felt lucky to get $50/acre for 5 year lease. Relatives that were well off before dang near starved for 20 years. One friend of the family was an oil exec back then but spent that 20 years scraping by checking pumpjacks daily that only produced a barrel a day. He hung with it and has been banking for the last 10 years. </p><p></p><p>Whole point is that the oil industry is cyclical. Like the airline industry that I am in. I've seen the good years and the bad. Right now we're in a little bit of upswing. But to believe that OK will dry up and blow away with low oil prices is ridiculous. Didn't happen before. I remember it well. History lesson over.</p></blockquote><p></p>
[QUOTE="whiskeysnoot, post: 2778948, member: 4542"] Contrary to such popular belief, Oklahoma's economy does not hinge on the oil industry. Those that believe differently don't know recent history. I'm 45 right now and have lived in OK all my life. When I was a kid all of my relatives in West Texas were living the high life from oil. My grandparents were making $1k/acre for a 3 year lease. Then in the late 80's and all through the 90's oil had tanked (no pun intended). Felt lucky to get $50/acre for 5 year lease. Relatives that were well off before dang near starved for 20 years. One friend of the family was an oil exec back then but spent that 20 years scraping by checking pumpjacks daily that only produced a barrel a day. He hung with it and has been banking for the last 10 years. Whole point is that the oil industry is cyclical. Like the airline industry that I am in. I've seen the good years and the bad. Right now we're in a little bit of upswing. But to believe that OK will dry up and blow away with low oil prices is ridiculous. Didn't happen before. I remember it well. History lesson over. [/QUOTE]
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