So oil goes under $40 for the first time since August. When will the bleeding stop? What will make it stop?
5 replies (most recent on top)
The boom is now BUST. Cyclical market. Don't expect these companies to be hiring back anytime soon. Everyone needs to get over their oilpatch dreams and move on. Get another degree - maybe in something useful like accounting.
RE: All Day - Nope I am educated and can write with ease. Took me like 2 minutes to be honest. Tough crowd...
@DickDrainer4Prez
Did you spend all day writing this note? I guess you're one of the lucky ones who still collect a fat salary to sit and write blogs online!!!
Stop importing oil
Failed energy policies and leadership have gotten us here. You want to fix the problem you have to fix them. Regardless of party we have spent countless billions on protecting the very nations of OPEC that are trying to put American and other countries energy companies out of business. Bottom line the Saudis are sitting on a water tap of oil. No fracking, no exploration, none of that, just open up the spigot or close it based on what it is you want to achieve. There is so much oil that we feel like we have to protect it and we pay dearly for it. Also we spent billions liberating Iraq and haven't gotten any of their oil / proceeds to my knowledge. We should have rights to Saudi and Iraq oil fields and proceeds for all of the money and blood that we have spilled over it. So we just can't pump our way out of this given the huge reserves that OPEC has, etc. There is a glut of oil so much that they are running out of places to store it. Lots of investors buying it now and putting it into transports anchored out at sea waiting for the prices to surge so they can short sell it, Iran is also getting ready to flood the market because they are in need of cash after years of sanctions, etc. Short answer is WE can't fix this unless we make energy policy changes which will require a change of leadership / direction and OPEC changes course. This glut and prices will continue for years and this is the new normal unless something dramatic happens that causes an unprecedented demand for fossil fuels to consume the glut or OPEC throws in the towel and makes a change of course to help drive prices back up (not likely). They are in no rush and control the majority of the oil reserves in the world and can weather the storm for as many years as required to drive out their competitors in America and other countries...