Posted on 03/21/2015 1:05:32 PM PDT by Kartographer
The bloodletting among the oil majors and their vast web of ancillary services has of course extended to the United States – which appears to be taking far more casualties than Saudi Arabia in the battle for marketshare. In January oilfield services giant Baker Hughes said it will lay off 7,000 employees, about 11 percent of its workforce; that number was rivaled only by its competitor, Schlumberger, which let go 9,000 workers. Shell, Apache, Pemex and Halliburton are among major oil companies to issue recent pink slips to the growing army of unemployed oil workers. In the U.S., the worst pain is, not shockingly, expected to be felt in Houston. Assuming a one-third reduction in oil company capital expenditures this year and 5 percent in 2016, the hydrocarbon capital of the world could lose 75,000 jobs, in a city that has added 100,000 new positions every year since 2011, said a professor at the University of Houston.
The oil jobs nightmare is in fact spreading like a cancer. According to Swift Worldwide Resources, “the number of energy jobs cut globally has climbed well above 100,000 as once-bustling oil hubs in Scotland, Australia and Brazil, among other countries, empty out,”Bloomberg reported recently.
(Excerpt) Read more at shtfplan.com ...
Somehow, the unemployment numbers will drop and the liberal media will rejoice and say, “ Praise hussein.”
Oil and gas kept the economy afloat during the Obama Depression. Texas was responsible for the total number of new jobs created during the past five years. What will take its place now?
I read somewhere else on Free Republic that Saudi Arabia is hiring a whole lot of those people!
Yep..... we are too stupid to know it but this is a GOOD thing
Yeah that’s the ticket move to Arabia and get a free hair cut.
Ag commodities through the middle of the country has been a big help during that time, too. I’ve been concerned about the price collapse, hoping that the benefit to the broader economy would be enough to offset. I’d feel better if price per bbl settled in at a level that would keep those guys booming, personally, even though filling up for $25 - $30 has been very welcome for me and many others.
Nothing. The lyin king knows that unemployment rate means nothing to him. Plus, he will get to hang a hickey on Texas.
I know several people have lost oil field jobs in my small town. Multiply this across the oil producing areas of this country, and that’s a big number of lost jobs. And these guys aren’t moving to Saudi, either.
I know about this personally, my SWAG is it will take at least 2 years for the beginning of hiring to start. In addition, I thought prices (for goods and services) would come down a little, that did not happen as most prices have stayed the same or gone up. Pray for guidance.
If you want full employment in the oil industry, you want $100.00 oil.
Praise Hussein, the all-knowing it all powerful leader! The athlete who can dunk a basketball at 20 paces. Actually three for 22!
I wonder if Hannity is going to go to Texas and interview all the guys he conned into going there for those $70/year jobs?
savings in just gas per year $202,521,000,000
Not a huge Hannity fan here but where’s the “con”? The jobs existed and employers were having trouble filling them so Hannity spread the word to those looking to work. Energy jobs have their own special “cycle” but that applies to other sectors, too. LIFO isn’t just about inventory.
Also, I think Hannity was more about ND rather than TX but I’m not an every day listener so I might have only heard the ND segments.
What con? Did he claim the roller coaster ride of boom and bust that has been a fact of the industry had ended?
It is a good paying industry, but part of that pay is due to the cyclic nature. It isn’t the first time my hours got cut or had to move to another office. It certainly won’t be the last.
Like it or not, overall low oil prices are good for the US, as it frees up HUGE amounts of money for the rest of the economy. It is essentially a tax. While some of that money is taken from US producers (especially here in Texas), a lot of it is dumped overseas, never to be seen again.
In the 1980s Texas was in a near-depression due to low oil prices, but the country’s economy soared at the same time (having Reagan as president certainly helped)...so it is a 2-edged sword, but overall, if we keep the money here, we will come out ahead.
As if this is the first time that oil companies have had to “down-size”. They used to call the retirement packages, “golden-parchutes”.
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