Anyone hurting for the oilfield?

[sthib 10+ year member]

Anyone else in the oilfield and hurting from these oil prices?

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[Slo_Ride 5,000+ posts]

oil. no. other commodities, yes. but it all revolves around oil, doesn't it?

 

[sthib 10+ year member]

oil. no. other commodities, yes. but it all revolves around oil, doesn't it?

Yes eventually it does affect other areas of the economy but hopefully it comes up before then. I had money saved to hopefully do a good build log finally, but now have to save incase I get laid off.

 

[boomzabit 10+ year member]

My buddy was out in ND. Could either get laid off or move to Alaska and make even more money. He took the offer and went to AK.

 

[sthib 10+ year member]

My buddy was out in ND. Could either get laid off or move to Alaska and make even more money. He took the offer and went to AK.

I work for making pdc bits and we slow as hell. And I don't want to have to move away. My roots are pretty deep

 

[The Camry]

Just curious. How does lower gas prices have negative effects?

 

[soundstreamer 10+ year member]

Just curious. How does lower gas prices have negative effects?

It's the people who work in the oilfields. Lower oil prices send tens of thousands of oilfield workers to the unemployment lines every week. When oilfield workers don't have jobs, every job in their surrounding area suffers.

 

[sthib 10+ year member]

Just curious. How does lower gas prices have negative effects?

Low gas prices come from low price per barrel of oil. If the price for a barrel of oil is low drilling stops because it's not work drilling cause they can't make no money. So the start laying off and stacking rigs. This makes the service company have no work cause there services aren't needed cause the drastic decrease in rigs drilling.

 

[big scott]

im all for lower gas prices.... im tired of paying close to $4 a gallon...

now its a little less then $2 a gallon. i can take that.

 

[winkychevelle 10+ year member]

Oil really should come up a bit yea cheap gas is awesome but it's killing the industry slowly. Even the natural gas field slowed down to watch there investments more closely.

 

[macsdad 10+ year member]

I find it very interesting how all this works. I feel bad for those of you that suffer due to the lower fuel prices, but I have trouble having any sympathy for the big oil guys that made record profits while we struggled to pay $4 a gallon.

 

[sthib 10+ year member]

I find it very interesting how all this works. I feel bad for those of you that suffer due to the lower fuel prices, but I have trouble having any sympathy for the big oil guys that made record profits while we struggled to pay $4 a gallon.

I'm not asking for 4 dollar has prices by any means. I drive a truck!! Lol I'm asking for it to be about 3-3.50 a gallon that would put oil at about 80-90 dollars a barrel. It's a delicate balance at this price the make good profits on the oil so drilling stays steady. Right now it around 50 a barrel and the break even margin is about 50 so they can drill all they want but they won't make money unless the have a higher contract price per barrel locked in before the job started. And trust me just cause you work in the oilfeild doesn't mean you make a lot of money. It takes years to make awesome money unless you leave home for weeks to months on end or if you get lucky and get a technical service job that starts out at a high salary. Most of us make between 40 and 60 thousand a year for working long days and long nights. A lot of oilfeild workers you see driving around huge nice trucks and have huge houses are big dogs or like most of them skimp by by barely paying there notes.(nice things but ton of depth added up)

 

[Beans]

Just curious. How does lower gas prices have negative effects?