Then I hope you don't mind when 1 out of 3 Oklahomans is standing in the unemployment lines. Halliburton and Schlumberger are talking layoffs and there are hiring freezes in place in just about all the other service companies. Red and Blue start letting people go and everyone else will follow suite.
Then I hope you don't mind when 1 out of 3 Oklahomans is standing in the unemployment lines. Halliburton and Schlumberger are talking layoffs and there are hiring freezes in place in just about all the other service companies. Red and Blue start letting people go and everyone else will follow suite.
Several articles on RigZone are calling this a drive to put the smaller North American Shale Oil/Gas E&P companies out of business
So, if oil goes much lower, Oklahoma is going to have a 33% unemployment rate? LOL
The Associated Press
NORMAN, Okla. - An economist says continued low prices for crude oil could cost Oklahoma up to 1,000 jobs next year.
Oklahoma State University economics professor Dan Rickman told The Norman Transcript (http://bit.ly/1rTfo2E ) that while consumers benefit at the gasoline pump, the state's overall economy will likely suffer.
Rickman forecasts a "kind of slight decline in jobs." He said Oklahoma's economic activity is above-average when the energy sector thrives, but drops near the national average when the sector sags.
Oklahoma has tens of thousands of workers in the oil and gas industry and has added thousands of jobs in recent years thanks to expanded drilling in shale formations through parts of the state.
Federal Reserve Bank economist Chad Wilkerson said oil companies need prices to be around $79 per barrel to make a profit. The price of oil was under $70 a barrel on Wednesday. If the price remains below $79 for a number of months, oil field work would slow, Wilkerson said.
"Activity could drop considerably," he said.
Wilkerson said it's likely prices will rebound, though he predicted the industry probably won't be as profitable as it's been.
NORMAN, Okla. - An economist says continued low prices for crude oil could cost Oklahoma up to 1,000 jobs next year.
Oklahoma State University economics professor Dan Rickman told The Norman Transcript (http://bit.ly/1rTfo2E ) that while consumers benefit at the gasoline pump, the state's overall economy will likely suffer.
Rickman forecasts a "kind of slight decline in jobs." He said Oklahoma's economic activity is above-average when the energy sector thrives, but drops near the national average when the sector sags.
Oklahoma has tens of thousands of workers in the oil and gas industry and has added thousands of jobs in recent years thanks to expanded drilling in shale formations through parts of the state.
Federal Reserve Bank economist Chad Wilkerson said oil companies need prices to be around $79 per barrel to make a profit. The price of oil was under $70 a barrel on Wednesday. If the price remains below $79 for a number of months, oil field work would slow, Wilkerson said.
"Activity could drop considerably," he said.
Wilkerson said it's likely prices will rebound, though he predicted the industry probably won't be as profitable as it's been.
Sucks for folks banking on oil jobs, but that's a risk of working in a cyclical industry. Work smart, save your $$ during the high times, ride out the low.
I'll take the low gas prices thank you.
I'll take the low gas prices thank you.
I didnt mean it in a literal sense but that a major bust will wreck this states economy.
Got a call yesterday from the office. Our client has cut their prospect down to two counties from quite a few more. It's not a small company either. So I'm going to be working out of state property for the foreseeable future for a different client. Ya'll enjoy that "cheap" gas because a bunch of jobs just went away.
Edit: Oh and BTW, The section I've been working on they've paid around $100,000 just for the work that I've done on it. I was within days of having it finished. They pulled the plug anyway. So that's $100K they just lost in case you want to add that into those giant profits you guys hate so much...
Edit: Oh and BTW, The section I've been working on they've paid around $100,000 just for the work that I've done on it. I was within days of having it finished. They pulled the plug anyway. So that's $100K they just lost in case you want to add that into those giant profits you guys hate so much...
As a mineral rights owner for the last 25 years with a wife who has worked in corporate in the refinery equipment manufacturing section of the oil industry the last 30 years this is what we do. We enjoy the low fuel prices same as every one else, but at the same time its not an easy thing to do watching your assets thinning because of it.
Yep, my wife works in the corporate oil business. It will be another couple of years before prices go back up and she can retire.
I'll just have to go it alone.
I'll just have to go it alone.
