WTI is $38/bbl

[coronet340]

Last time it was this low was February '09.

Oil is down and my nerves are up. I'm sure SteveSS is there is with me. Along with a few other gents on this forum.



The worst part is if/when Iran can get theres on the legal market it will get down to $30.

 

[Hemi Rebel]

Sorry

 

[Coyoteduster]

Not good at all, but I'm still not sold that the Iranian deal takes flight.

 

[Kern Dog]

Oh no...Cheap gasoline! What a tragedy!

 

[Richard Cranium]

But gasoline isn't getting any cheaper. in fact it's gone up a few cents. Can you say price fixing?

On the other hand, perhaps now is the time to invest in some oil stocks.

 

[Chargerjase]

Yep, I am in the Oilfield and I can tell you that a lot of companies are hurting. To say the future is uncertain is an understatement.

 

[Coyoteduster]

Oh no...Cheap gasoline! What a tragedy!

Not in and of itself, but it does put a lot of people out of work. I build oilfield equipment, so it's bittersweet at the pump for me ... :tied up:

 

[coronet340]

Oh no...Cheap gasoline! What a tragedy!

Between taxes, processing, and shipping; gas isn't going to get any cheaper. Even at $20/bbl it won't get much cheaper then it is now.

Hell it was cheaper 6 months ago when oil was pushing $50.

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Yep, I am in the Oilfield and I can tell you that a lot of companies are hurting. To say the future is uncertain is an understatement.

It's pretty much a last man standing game here. I'd say 90% of the mom and pop places are out. All thats left if the big corporations that can float for a bit - but even then they are running skeleton crews and still working for a loss.

 

[Cranky]

I agree....gas isn't going to come down much if any. And I'm another with a hurting portfolio with oil stocks doing the most damage. XOM has been holding up decently but even they are now in the downward spiral. At least WTI is up a buck this morning and the futures are pointing to an up opening but that might not last. If we have a positive close today, I'll be surprised.

 

[kowalski]

But gasoline isn't getting any cheaper. in fact it's gone up a few cents. Can you say price fixing?

On the other hand, perhaps now is the time to invest in some oil stocks.

It's dropped 60 cents a gallon in the last 4 days in our area. We're at 2.20 this AM on my way home.

 

[Bruzilla]

Hate to say it oilfield guys, but I have zero, make that less-than-zero, sympathy for any of you. I never heard any of you wringing your hands with guilt when oil was over $100 a barrel. Nope, you guys got your great paychecks and had a blast. Now the party is over and the last one out the door gets stuck with the check. If I were you, I would make sure I'm not the last one out the door.

I don't know about prices going up in other places, but we've gone from $2.29 to $2.19 in just the last week around here.

 

[Cranky]

Gas prices have come down some around here but not like they did awhile back. I saw 1.99 for a short time when oil was still in the 40's and it's still 2.20+.

 

[coronet340]

Hate to say it oilfield guys, but I have zero, make that less-than-zero, sympathy for any of you. I never heard any of you wringing your hands with guilt when oil was over $100 a barrel. Nope, you guys got your great paychecks and had a blast. Now the party is over and the last one out the door gets stuck with the check. If I were you, I would make sure I'm not the last one out the door.

I don't know about prices going up in other places, but we've gone from $2.29 to $2.19 in just the last week around here.

I was unaware of the profit sharing the companies did with us...

As far as the fat paychecks - they paid like crazy because there isn't a lot of people willing to do the crap we do. IF there were the pay would reflect that. Supply and demand.

What check?

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Gas prices have come down some around here but not like they did awhile back. I saw 1.99 for a short time when oil was still in the 40's and it's still 2.20+.

$2.40s in San Antonio.

 

[Bruzilla]

I was unaware of the profit sharing the companies did with us...

As far as the fat paychecks - they paid like crazy because there isn't a lot of people willing to do the crap we do. IF there were the pay would reflect that. Supply and demand.

What check?

Regardless of why they paid, or hired, like crazy, they did so because there was plenty of money to spend when oil was at $100+ a barrel. I don't fault any of you for taking advantage of that situation. More power to you. But I also have no sympathy for you when the worm turns and it's you guys having to pay the piper instead of us paying him at the pumps.

 

[coronet340]

Regardless of why they paid, or hired, like crazy, they did so because there was plenty of money to spend when oil was at $100+ a barrel. I don't fault any of you for taking advantage of that situation. More power to you. But I also have no sympathy for you when the worm turns and it's you guys having to pay the piper instead of us paying him at the pumps.

Again, we are employees so there is no piper paying on our end. Just job loss. And those of us with foresight used the gold rush to get ahead - no "party."

And when gas is $4/gal we still have to pay the same as you. There isn't an oil field discount card that we secretly have. To be honest we probably spend more on fuel then you since home and work are so far. 100+ miles round trip everyday. Don't take that as complaining - I could work closer to home but the gain vs fuel cost isn't there.

 

[Cranky]

I used to do the same thing with home construction. When it was booming, I was also driving 50 miles and more one way to work and making good money but when the economy tanked and money got tight, the 'party times' stopped...IE, had to go look for work elsewhere even tho I wasn't partying. Was too busy working and sticking my money into my hot rod and actually managed to save some of it for the lean times. It's not just the oil field that's affected when things turn down. Housing seems to still be doing well (at least around here) but when you look at our economy overall, it's still not in the best of health and any sector that goes dead is a shot in the head and not in the arm.

 

[Chargerjase]

Hate to say it oilfield guys, but I have zero, make that less-than-zero, sympathy for any of you. I never heard any of you wringing your hands with guilt when oil was over $100 a barrel. Nope, you guys got your great paychecks and had a blast. Now the party is over and the last one out the door gets stuck with the check. If I were you, I would make sure I'm not the last one out the door.

I don't know about prices going up in other places, but we've gone from $2.29 to $2.19 in just the last week around here.

You gotta remember to, that most of us sacrifice a lot to get ahead in this game. I am away from my family for 28 days at a time every other month. It is a choice we make but none the less still a big sacrifice. I have to agree with Coronet 340, we pay the same at the pump as everybody else. Like everybody else we enjoy the boom times in industry, and suffer the bad. I live in New Zealand where dairy is the number 1 export and major earner for the country. The price of dairy has dropped considerably due to China's crisis. All the farmers have creamed it (pardon the pun) during the good times and now are in some trouble.

 

[Bruzilla]

Well, if you're willing to drive 100+ miles a day to go to work, then it must be worth going to. But again, you guys had good jobs, at good pay, and life was great while the boom was on. And a lot of us were paying those gas prices without even having jobs to go to. Did you ever write in here "Man, I feel bad about having this job knowing that the only reason I have it is because everyone is paying for this high-cost oil?" Of course not. You went to work, you got paid, and you were happy, and you would still be happy if prices were over $100 a barrel.

The guys I do feel sorry for are the Canadians. They not only pump 100% of their national oil needs on their own soil, but also export enough to us to be one of our largest suppliers, and yet the price they pay at the pump is the same as ours to within +/- a dime or so because every drop of that oil is sold on the global markets. That would be like me paying the same price for oranges grown down the street as for oranges shipped over from California.

 

[gdrill]

Here's my take.
I've been in the oilfield since 1987. I have made a career of it. There have been good times and bad times. The price has been anywhere from $35bbl up to $100+ and back to where it is now. The only thing the high price did for me was ensure steady work. It also ensured a strong economy which in turn ensured steady work in the construction field, the housing market, the automobile industry etc. It affects everyone, at least here in Alberta. When the oil patch slows down, Alberta feels it. I have been through several slow times but this is by far the worst. Oil is now a shareholder commodity. When the price is high the shareholders make money. When it's low they stop drilling. So, it is the shareholders who enjoy the $100bbl oil, not the oilfield worker. In fact when the price goes up and down it hurts all of us more than we even notice. Example: A loaf of bread in the store. The bread is delivered on trucks. The price of oil goes up the price of diesel goes up as does the price of tires (tires are made with oil). The cost of delivery is increased, hence the price of the bread increases. The price of oil goes down, sometimes the price of diesel goes down, but have you ever seen bread or tires go down? Now the trucking company and store owner enjoy a greater profit as well. But you and I are paying more for our goods! When the price goes up again the cycle repeats. It's not really that cut and dried, but it's very close. Changing oil prices doesn't save you or me any money, they cost us and make the corporations enjoy greater profit margins. If you want a strong economy, the price of oil has to be strong. You are not going to get "cheap" gas from anywhere in the world ever again. The oil companies are in business to make money (they could and did afford to drill at the lower prices, but the profit margins have changed their policies) and the price at the pump is relative to what you and I think are the norm. Sorry to say, but the days of cheap gas are long gone, they went away with the $3hr minimum wage. And like it or not, a weak oil patch relates directly to a weak economy.

Sincerely
Career Oilpatch Trash

 

[coronet340]

Well, if you're willing to drive 100+ miles a day to go to work, then it must be worth going to. But again, you guys had good jobs, at good pay, and life was great while the boom was on. And a lot of us were paying those gas prices without even having jobs to go to. Did you ever write in here "Man, I feel bad about having this job knowing that the only reason I have it is because everyone is paying for this high-cost oil?" Of course not. You went to work, you got paid, and you were happy, and you would still be happy if prices were over $100 a barrel.

The guys I do feel sorry for are the Canadians. They not only pump 100% of their national oil needs on their own soil, but also export enough to us to be one of our largest suppliers, and yet the price they pay at the pump is the same as ours to within +/- a dime or so because every drop of that oil is sold on the global markets. That would be like me paying the same price for oranges grown down the street as for oranges shipped over from California.

I am willing to drive 100+ miles because it's better for my family. The towns around the oil patches are crap. And I was looking for work like everyone else for awhile. It's how I ended up in oil - which everyone that was looking for could have done. When the boom was on we always had openings - so you're right I never wrote saying I felt bad. Land of opportunity remember?? Everyone had the same chance to get in on oil.

And if you didn't have a job to go to - gas prices shouldn't have really affected you since you had no place to go.

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In fact when the price goes up and down it hurts all of us more than we even notice. Example: A loaf of bread in the store. The bread is delivered on trucks. The price of oil goes up the price of diesel goes up as does the price of tires (tires are made with oil). The cost of delivery is increased, hence the price of the bread increases. The price of oil goes down, sometimes the price of diesel goes down, but have you ever seen bread or tires go down? Now the trucking company and store owner enjoy a greater profit as well. But you and I are paying more for our goods! When the price goes up again the cycle repeats. It's not really that cut and dried, but it's very close. And like it or not, a weak oil patch relates directly to a weak economy.

Sincerely
Career Oilpatch Trash

Well put.