That is what I don’t think a lot of people realize. Cheap gas is nice, if you have a job. I have been fortunate enough to survive the bloodbath as we have let go 40% of our workforce. Almost 10,000 people without jobs now just from our company and there are very few other places they can go.
250,000 people laid off this year directly in oil and gas. These are not unskilled service industry laborers and there aren’t a lot of other industries left in the U.S. they can go to. Retail, service, food are all starting to feel the affects of the 2015 downturn and 2016 is being projected to be even worse.
Economic depressions and financial unrest usually result in wars. It’s the old saying “be careful what you wish for”.
And most of us that survive the cuts, hunker down and quit spending, build extra savings in case it gets worse.
Extra hit to the economy.
I’ve survived by going full contractor. I am an electrician. Fortunately, I know enough people etc. I know many who are screwed. Many are losing their houses.