Oil 77.70 a barrel and droping
10-12-2008, 12:38 AM
#11
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Gas here in good ol Saskatchewan has dropped to the bargain price of $4.42 a gallon, or equivalant thereof anyways. Oil has made this area crazy in the past year or two, so I think a drop in it's price might make things a bit normal. The highway that goes through my town is stupid busy, enough that deaths have been up like gangbusters, and the cocaine trade in the closest city is booming. Too many stupid kids with too much rigpig money. Let the price drop, won't hurt my feelings.
10-12-2008, 12:44 AM
#12
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Don't get me wrong I want the petroleum business to stay strong and it will, it's just a direct result of the economy as a whole being in a recession. I'm sure once things get back to normal the oil and gas companies will be booming, hell after gas hit $4/gallon the tree huggers where saying drill drill drill
10-12-2008, 12:44 AM
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Gas here in good ol Saskatchewan has dropped to the bargain price of $4.42 a gallon, or equivalant thereof anyways. Oil has made this area crazy in the past year or two, so I think a drop in it's price might make things a bit normal. The highway that goes through my town is stupid busy, enough that deaths have been up like gangbusters, and the cocaine trade in the closest city is booming. Too many stupid kids with too much rigpig money. Let the price drop, won't hurt my feelings.
10-12-2008, 06:39 PM
#15
With the millions of jobs the oilfield created during the high prices, when it falls thousands of jobs will be lost. As much youd like not to believe but alot of oil companies are in debt, one of the biggest oil and gas companies in Oklahoma (Chesapeak)has been told once they get the wells drilled that the drilling right now to stack them out once they are completed. They have also already been laying alot of people off.
10-12-2008, 07:08 PM
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Think about this for a second, oil is finally de-valuing to a more respectable figure, as the amount of dollars afforded to the futures trade shrinks. Why, well just as in the rest of the stock market cheap and easy lines of credit are drying up. Banks and financial investment firms aren't as quick to lend to day traders and short sellers so that they can pick up shares of crude oil to ride for 3 to 4 weeks before selling right before the closing day of that month for a huge profit so that they do not have to take delivery of the oil they have been trading.
The "Artificial demand" that these F$%@ sticks pressed upon the energy market is rapidly decreasing, along with it the influence that the media has when reporting on "scare" incidents that tend to have an upward pressure on price. The commodities traders that will be left look to be less reactionary and more mature in their decisions when these situations arise. Add to the mix that there was a 9.5% end user product demand drop for Sep. 2008 vs. Sep. 2007, as well as decreased global market demand, and I believe we will be seeing prices close to $60.00 shortly.
Cheap and easy credit created by overvalued assets of many financial institutions has wreaked havoc amongst many in the world, this will be market correction at it's finest. Another positive outcome is the Dollar is reducing it's slide in value in many markets, housing especially.
The "Artificial demand" that these F$%@ sticks pressed upon the energy market is rapidly decreasing, along with it the influence that the media has when reporting on "scare" incidents that tend to have an upward pressure on price. The commodities traders that will be left look to be less reactionary and more mature in their decisions when these situations arise. Add to the mix that there was a 9.5% end user product demand drop for Sep. 2008 vs. Sep. 2007, as well as decreased global market demand, and I believe we will be seeing prices close to $60.00 shortly.
Cheap and easy credit created by overvalued assets of many financial institutions has wreaked havoc amongst many in the world, this will be market correction at it's finest. Another positive outcome is the Dollar is reducing it's slide in value in many markets, housing especially.
10-12-2008, 08:48 PM
#18
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thats one job for chesapeak id never want.. work with all unexpirienced young kids that dont know anything about the oilfield, ive seen them **** up alot of stuff. one well that danny came out with me on. the top part of the well head was held on by 3 pulled threads that was under 500psi. we called the foreman and he said he just had some roustabouts put that on. the flowline was all crooked, unions didnt meet together right, the lubricator was pulled off to one side and we couldnt even get out tools down is was so crooked. grady the stuff i heard about chesapeak was from friday night from a newfield foreman. my dad is tryin to get ahold of his cousin who is a foreman for chesapeak at the lindsay office
10-12-2008, 11:00 PM
#19
Ah ha...my roommate works for them as an acquisitions analyst and he said that they haven't laid anyone off and were still hiring although he thinks they should be getting closer to a hiring freeze. With the economy and oil field going the way its going I expect a lot of smaller businesses to go out of business and even the larger ones being affected but only time will tell.
10-12-2008, 11:05 PM
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Ah ha...my roommate works for them as an acquisitions analyst and he said that they haven't laid anyone off and were still hiring although he thinks they should be getting closer to a hiring freeze. With the economy and oil field going the way its going I expect a lot of smaller businesses to go out of business and even the larger ones being affected but only time will tell.