Personally, I think about $1.50 is a fair price unless the price of oil goes down to $40/bbl.
People in the oil sector may be bitching, but they were bragging when oil was $100/bbl and everyone working in the oil business was doing great. Should have saved a bunch of that money for times like this.
I work in the oilfield. Your comments are pretty ignorant. I do know guys that flaunt their money and have a ton of debt. Those guys are going to be hurt in this slowdown. The funny thing is is that you will find those types of people working in any industry. I don’t think that those guys even make up 10% of the oilfield.
I dont know anybody that was bragging when oil was $100. I have a young guy on my crew who just started 6 months ago. He is finally getting back on his feet. A couple of months ago he found out he was going to have his first baby. Last night he told me he is worried he isnt going to have health Insurance when his kid is born. He’s probably right. He wasn’t bragging when oil prices were $100
Or another guy. He’s been in the steel business all his life. He has two daughters 6 and 9. He was falling behind and came to work for us a year ago. His family lives 500 miles away from here and he and his family make the sacrifice of him being gone for weeks at a time so that he can provide for them.
Or another guy. He just joined our company a couple months ago. He’s a hard worker yesterday he told me he wants my job someday. I’ve worked with him a couple hitches and he has the right attitude and work ethic that he could probably do it...if he had the opportunity. He got a little ambitious with his money and put both his kids in a local catholic school. He wanted them out of the public school system. So I and the other guys have been buying him dinner the last few days because the payment for the school came out of his account the other day and he’s broke. I doubt he will still be with us in a month.
Your comments to me are funny because if you are a conservative these men are for the most part on your side. They are patriotic, don’t like Obama’s policies, and love their families.
Every morning at our safety meeting these same guys that you say were running around bragging about $100 oil say a prayer before we go out to work. No one is required to stay for it but no one ever leaves One would think if greed had a hold of them as you allude to one would think the prayer would include the price of oil going back up. But as we have watched oil fall the last six months that has never occured. Every day we pray first for our safety on location, second for the safety and protection of our families while we are away, the protection of our armed forces, and finally that our leaders in Washington would make the right decisions. This isnt just a small group of people either. There are 50-75 of us gathered on the frac location.
When you hear about the oilfield layoffs remember the guys getting laid of are god fearing, patriotic Americans most of whom are out here to provide a good life or maybe even a better life for their families.