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The Water Cooler
General Discussion
Are low oil prices helping or hurting you?
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<blockquote data-quote="dennishoddy" data-source="post: 2779034" data-attributes="member: 5412"><p>My generation before you, most being farmers knew that one had to ride the highs and lows of farming. In years where drought/flood, etc caused failures, you had to rely on savings to pull you through. When it went on too long, the farm was lost, and you moved to town. </p><p></p><p>I worked 20 some years in oil field equipment manufacturing, so I've seen the ups and downs of the industry first hand. Watched the folks go out the door during layoffs, etc.</p><p></p><p>Even though they made a ton of money during the good times, some don't put money back, and some do. Businesses in the oil patch are the same. Some plan for the inevitable down periods, and some don't. The ones that did are still poking hole in the ground and supporting the satellite businesses around them. </p><p></p><p>The oil patch is historically an up and down business. Those getting into it need to be aware of that, and plan accordingly.</p><p></p><p>^^^ is a great generic statement by me, but in reality, some can't put money back. They have issues with family, etc that keep their savings at a minimum if they can save any at all. The oil patch with its good wages is a great place to work when its up. Not so much when its in decline.</p></blockquote><p></p>
[QUOTE="dennishoddy, post: 2779034, member: 5412"] My generation before you, most being farmers knew that one had to ride the highs and lows of farming. In years where drought/flood, etc caused failures, you had to rely on savings to pull you through. When it went on too long, the farm was lost, and you moved to town. I worked 20 some years in oil field equipment manufacturing, so I've seen the ups and downs of the industry first hand. Watched the folks go out the door during layoffs, etc. Even though they made a ton of money during the good times, some don't put money back, and some do. Businesses in the oil patch are the same. Some plan for the inevitable down periods, and some don't. The ones that did are still poking hole in the ground and supporting the satellite businesses around them. The oil patch is historically an up and down business. Those getting into it need to be aware of that, and plan accordingly. ^^^ is a great generic statement by me, but in reality, some can't put money back. They have issues with family, etc that keep their savings at a minimum if they can save any at all. The oil patch with its good wages is a great place to work when its up. Not so much when its in decline. [/QUOTE]
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