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West of Broken Bow | The low price of light sweet crude is starting to cause layoffs in TX. Have heard that at least one steel company in Ohio and others in TX that supply the O&G fields are getting hit hard. Halliburton announced job cuts before Christmas. Baker Hughes just this month has started slashing jobs and dismantling rigs.
Some are predicting lots of home foreclosures and repo's of pickups, boats, and lots of other items. Unfortunately there are always folks who get caught up in the frenzy of making big bucks in the oil and gas industry and don't prepare for the unexpected downturn in the markets. They didn't put back money for tomorrow and instead kept spending like there was no end in sight. I suppose some will just have to learn the hard way.
Will be interesting to see just how long these low prices hang around. A few industry experts are predicting that things will start rebounding by summer, while others think it could last much longer since there is such a huge oversupply of oil. If it does last very long, it is really going to hurt a lot of businesses. It is nice to save money at the pumps, but I don't like to see people lose their jobs.
http://www.rigzone.com/news/article.asp?hpf=1&a_id=136693&utm_sourc...
Edited by TractorAddict 1/9/2015 21:40
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The real cost of $2 gas
