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Low Prices Lead To Layoffs In The Oil Patch
Submitted by Nick Cunningham via OilPrice.com,
Crude oil is set to close out a shocking year with a fresh five-year price low in the final days of 2014, falling more than 50 percent from their June highs.
The decline continues to bedevil the markets. Sensing a rally was in order, speculators had dumped money into energy stocks throughout the month of December, hoping to buy up positions at basement prices. But Bloomberg reports that long positions in West Texas Intermediate declined by the most since August for the week ending on December 23, an indication that the markets have lost confidence in a swift rebound for oil prices.
This portends a longer period of low oil prices, and with that, a cutback in drilling and job losses in the U.S. oil patch. Baker Hughes reported that the rig count took another significant hit in the week ending on December 29, falling by 35 to a total of 1,840 oil and gas rigs in operation. Across the country, exploration companies are slashing their capital expenditures for the coming year to reflect the poor price environment.
That is going to have an impact on employment. In a recent example, American Eagle Energy, a small oil producer in North Dakota, decided to call off drilling entirely until oil prices rebound.
Less drilling will not only lead to a loss of jobs for oil workers, but the services that pop up around drilling sites – restaurants, bars, construction, and more – are feeling the slowdown as well.
In one example recently reported by Bloomberg, a private club in Williston, North Dakota has been shuttered because it failed to pay rent. “The Bakken Club,” which offered exclusive services including fine dining, airport shuttling, and corporate events, was a place where “like-minded individuals can further their business relationships.” Memberships ranged from $5000 to $25,000. Unfortunately for The Bakken Club, such lavish living becomes harder to maintain when oil prices crash.
But it won’t just be the profligate that feel the brunt of a depressed oil market. Civeo, a Houston-based company that builds lodging for oil workers, announced on December 29 that it would cut its workforce by 45 percent because of lower demand for “man camp” trailers.
According to an assessment from the Federal Reserve Bank of Dallas, an estimated 250,000 jobs across eight U.S. states could be lost in 2015 if oil prices don’t rise. More than 50 percent of those job losses would occur in Texas, which leads the nation in oil production.
There are some early signs that a slowdown in drilling could spread to the manufacturing sector in Texas. Companies have sprung up during the shale boom to build metal, machinery, pipes, electrical equipment, chemicals, and other support services. But with the drilling climate taking a turn for the worse, manufactures are starting to feel the chill as well.
The Dallas Fed reported a decline in new orders in a key manufacturing survey. One executive at a metal manufacturing company said in the survey, “the drop in crude oil prices is going to make things ugly… quickly.” Another company that manufactures machinery told the Dallas Fed, “Low oil prices will drive reductions in U.S. drilling rigs, which will in turn reduce the market for our products.”
The sentiment was similar for a chemical manufacturer, who said “lower oil prices will adversely impact margins. Energy volatility will cause our customers to keep inventories tight.”
States like Texas, North Dakota, Oklahoma, and Louisiana have seen their economies boom over the last few years as oil production surged. But the sector is now deflating, leaving gashes in employment rolls and state budgets.
With such extensive dependence on oil for prosperity in these states, the pain will mount if oil prices stay low.
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Fuck America. The most important thing is to Balkanize Russia as drawn up by PNAC and Zfagnew Brezienski.
edit: Do I really need to place a sarc tag here?
The sardonic tone! It burns!
The elite policy makers do not care about collateral damage when it comes to executing their flawed agendas.. abroad or domestically.
The demand decrease that was a result of their mal-investments and misallocations will only accelerate as they pursue the squeeze they are attempting on the only nations that are not firmly under their control.
The headline of this article is perhaps the most obvious statement ever written.
That usually means its wrong in today's world.
Where is the 'play' in this market?
Embridge Oil - the company that ships it - also stockpiles it in tanks to resell it later at higher prices. They'll be building tanks like *crazee* Who are the number one tank builders in the world Chicago Bridge and Iron (CBI & Horton)
But to build a big tank farm takes about 1 year - so they have to start investing now, and they will!
Eventually this game of chicken of seeing who sheds a tear while the oil producing nations hold each others nuts is going to end with somebody smacking another. If Iran alone can be taken off line then there is 2 million barrels a day taken out of inventory. That could get oil back up to $60 - $70 possibly and save shale. You don't think that is considered in some power circles? Somebody has to get knocked off the chair..
Relax ! It's just a flesh wound... /s
Part 1 "Shale industry goes dark, as marginal profits vanish"
Part 2 "Lights go out as oil based derivatives crash"
Part 3 "Adios Petrodollar, as OPEC seeks alternative to US treasury payment for oil"
Side note - anything written by Bloomberg ain't worth the paper or computer keyboard it was written on.
Anybody want a Houston McMansion for cheap?
https://www.iea.org/oilmarketreport/omrpublic/
March they state a 1.5 million bpd increase. Revised it to 600k last month.
That doesn't warrant a 40-50% decrease. They are ass fucking those tied to the American markets via shale and otherwise. I'll enjoy the break at the pump....but I do feel bad for the families affected.
Jan 2, 2015Yet another energy company has fallen victim to crude oil prices, which is selling at a five-year low.
Houston-based Linn Energy LLC (Nasdaq: LINE) has released a capital expenditure budget for 2015 that includes a 53 percent cut, according to a statement.
http://www.bizjournals.com/houston/morning_call/2015/01/houston-energy-c...
I bet you're going to see a serious correcting in house prices in O&G states and I doubt the Fed will be able to prevent the slide this time ... which means this drop might very well trickle into the very important house construction segment and gain some serious downward momentum.
On the bright side, Houston is a massive medical center city with very robust growth so that sector may mute the slowdown.
I just sold mine last month and moved to the sticks. After four months on the market, I was starting to get concerned about getting rid of it, but thankfully someone thought it was a good deal. I won't miss the $1,000 electric bills I saw each August and September.
How long before Rockefeller crowd does what no one else could do....remove Barry ? All this can't be sitting well in petrol-land.
"The elite policy makers do not care about collateral damage when it comes to executing their flawed agendas.. abroad or domestically."
I agree completely with your premise (evidence abounds) but I have trouble with the notion that the US and SA are targeting Russia via the oil market. To me, it seems more likely that what we're seeing is the end result of flooding the world with easy money, going all the way back to Greenspan bailing out Wall St. in 1987. The die was cast at that point, the Fed backstop was in place, and the Greenspan Put (or BTFD as it's currently known) became SOP.
The result was massive credit expansion, speculation and malinvestment creating a series of artificial booms for which there was no corresponding increase in personal or collective wealth - just a running down of the plant and machinery to where it inevitably breaks, which is what we're seeing now.
Not saying the US/SA nexus is incapable of such measures, but if they are responsible then they really didn't think it through. Cheap energy is the lifeblood of China, who for all appearances seem to have cast their lot with Russia, not the West. Less dependent on the Middle East, and with a weakened Russia willing to trade on Chinese terms, how has this strengthened the West's position?
Or is undermining the West's position the real game here? If so, then yeah... well played boys.
"Mr pResident! The Russians are using tactical nukes! They have also armed their ICBMs!"
"Order a complete stand down, general. We must surrender immediately. Have our Marine Guards at the Moscow Embassy surrender ASAP." I have a Secret Obamao cadre already executing our nuclear officers and anyone else I don't like. Take this list from Bill Ayers and re-target all Drones on these citizens."
“I vow to you, Bath House Barry, as Führer and chancellor of the US Reich, loyalty and bravery. I vow to you and to the leaders that you set for me, absolute allegiance until death. So help me God.”
You've got to wonder who benefits from this insane US foreign policy-- it's as if this administration is deliberately attempting to strengthen the Sino-Russian alliance...
...and kill-off the smaller-players in domestic-production, at the expence of US economy.
Will the Fed now start buying oil futures to prop up the oil business the way they prop up the banks?
Yes....unless this is the 'event' they have been seeking to justify running the printing presses back up to warp 8.
<Make it so Number One.>
Warp 8 is what they were at before? They'll have to go to warp 9.9 then. Then it'll become this:
http://fc03.deviantart.net/fs71/f/2010/249/3/4/warp_factor_fuck_you_by_m...
No... Not LUDICROUS SPEED !!
https://www.youtube.com/watch?v=ygE01sOhzz0
They've gone plaid.
Engines will rip off the sinking rusted hull.
She's dead Jim.
Remmember all those jobs the Obozo bunch were bragging about? What are they going to say when the unemployment rate takes a huge leap upward and it woon't be just the oil patch. We've also got Obozocare getting ready to go full anal probe on everybody with more part time jobs resulting. Energy futures ain't gonna be the problem it'll people without money don't spend. It'll be a bad Spring this year.
Voter: Is it possible to have a small business with the economic climate these days?
Obama: Of course! Just start a large business and wait.
"Dear Sir:
Please complete the solar business questionaire enclosed. Do not forget to add your Contribution of 50,000$. Make all checks payable to the Obola pResidential Library.
Your License, government subsidy and cash out options should arrive in 10 working days.
It will include an outline for Executive Bonuses, and other options to contribute to the pResident's many charities. Bankruptcy forms are also included; do not file this paperwork until 10 calendar months have passed since the date of incorporation."
Life in the black market.....
Yes. Recall start of 2014 was ominous, but somehow finance pulled through 2014. A year later the chickens come home to roost.
Bath House: "I have focused like a 5-Giga-Watt Laser Beam on the Economy. It's wiped out, hahahaha!"
What do you do if the printers are running at 10 and you need that little bit extra where do you go? Nowhere. We we do if we need that extra push over the cliff, we put it up to 11. These printers go to 11!
+100
The expression "pushing on a string" springs to mind.
Why not?! When anything they do will be backstopped by the Taxpayer how can you go wrong? Bad Investment / Good Investment it's all irrelevant when it's someone elses money!
.
LOL.
You should add mortgages to prop real estate, and S & P future to prop up the market.
Heck, the Fed is just expanding operations that's all.
Oil has always been boom and bust.
and always will be.
No one is refilling tanks and inventory now if they don't have to, expecting lower prices next month. Most commodities go down much faster than they rise. I'll bet the Saudis loaded up on puts and long term sales contracts.
So... no 30 yr mortgage?
The oil house of cards is highly leveraged. Each 'oil' job creates 3 to 4 additional 'jobs' in the economy. That conservatively reported leverage is usually might higher. Either way, while all good when being applied, it hurts like hell when being withdrawn.
not to mention the leveraged debt backing high cost oil production
defaults be a coming
Looking forward to it....
I hope so, I've got about $1,600 trapped in ERY that has been languishing for the last 2 years.
I'll take a break-even with glee at this point.
Patience. I bought RUSS about 8 months too early. Boy did that pay the hell off last month.
Let's get used to it. Global demand will not pick up, because there is no money (wink, wink ... wages ... helloho?), so demand will not rise, and that'll keep prices down until the whole thing comes crashing down ... it has always been a race against machines, and in the end we lost.
Crazy how pulling forward demand eventually consumes the future.
Then FED Dallas is way high in their Exstimate.
- All Employees: Mining and Logging: Oil and Gas Extraction
2014-10: 215.6 Thousands of Persons (+ see more)
Monthly, Seasonally Adjusted, CES1021100001, Updated: 2014-11-07
1:4 would be over 1/4 of all Drilling Jobs, 62,500 Jobs: 250,000.
Not an expert would think max 20,000: 80,000 Job Total Effected...not no 250,000 jobs.
But do those numbers take into account all the hookers and pimps, and all those employed in the cocaine industry?
Betcha this gets felt all the way back to Columbia, Peru, and Uruguay.
Careful!
All that dope money backstops the TBTFs!
Well maybe I should reconsider this 1:4 Ratio again.
Velocity from Drilling Jobs might be high.
I just don't think the base Drilling Employees is that high per Rig. Say we have 1200 abandoned Holes in one State times 7 States (was it 7?) 1200 x 7 = 8400 holes... this after 5 years of Fraking. 8400/5 = 1680 current holes being drilled, but round it up to 3000 to be conservative.
3000 x .66 = 2000 holse closed down early with no new Fraking equivalent to replace them.
2000 x 10 workers = 20,000 Laid off
Range of Job Impacts 60,000 - 120,000 US Jobs.
I still don't see 250,000 jobs. But I made up the number of current Holes being Fraked....
Whores and Drug Dealers... they will take what they need from some place and take some Boom & Bust times without much notice.
You're hired!
You're laid off.
You're hired!
You're laid off.
...
I recall some bloggers here recommending to unemployment people to get off their lazy asses and move to one of the Oilpatchistans. The rhetoric and one-liners were prolific.
Now imagine having heeded that know-it-all advice, and having loaded up on debt: a mortgage. You're now unemployed AND with mortgage debt.
Yeah I saw that and wondered why a family member didn't go to North Dakota.
But I saw videos of people saying there was no place to sleep. People were taking campers to sleep in or paying big money to sleep on a couch. Plus you didn't really have easy time finding food, fast food, or variety of things to eat with the long hours and small towns.
Maybe if you settled into the area for a few years you had different skills and contacts for jobs as long as you had a good place to sleep and cook food.
"...it hurts like hell when being withdrawn."
I thought it was the other way around.
I'm sorry, but I just had to.
Sometimes it's just too hard to resist spiking that floating volleyball. :-)
now jeffery will be laid off from that waitressing job. how will he pay for those student loans that afforded him the waitressing job?
May we have a moment of silence for all the Jefferys out there and their poor student loans.
<Not to mention all those grandmas dependent upon the (junk) bond interest they collect from oil patch debt.>
Selling individual cigs in a back alley?
You gonna get choked out!
#jefferyAndHisGrandmaCantBreathe
I was looking for a good hashtag deplomacy pic to respond with, but instead, I found this:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014...
And after copying and pasting, I just realized that it was hosted on ZH, LOL! Either way, it fits.
hahahaha nice
there was a new southpark episode that touched on the whole hashtag thing. those guys always seem to nail it
Yes they do. I haven't seen the episode, but it seems as though they're probably a lot more awake than the average person. The sad part is, a lot of people probably watch it and don't get the message.
I stopped watching South Park for the simple reason that you have to watch a lot of TV to understand the humor. Seriously, try not watching TV for a year, then watch an episode of SP and see if you still get the jokes. It finally dawned on me that what they're doing is not just mocking popular culture, but their audience as well for soaking up so damn much of it.
My measure of a good TV show is something I can watch in isolation from everything else that's on TV, and still get the point. Breaking Bad fit the description, and my current favorite, Big Bang Theory does too, if you overlook the Star Trek references.. heh. What"s facinating to me is that most of the audience won't get most of the science jokes, and yet they still watch. For me, that's the exact counterpoint to South Park - jokes based on knowledge gleaned from actual study and creative mentation, as opposed to hours spent aimlessly in front of the tube. I still can't believe the show succeeded so well. I don't go to Comiccon, but when you talk magnetic monopoles or Higg's bosons, you're in my world, bitch!
Aaaaaand.... for the record, I had no idea who the Kardashians were until Kim's fat ass appeared in so many places you just couldn't ignore it. I then made a quick inquiry to see what it was about, after which I put them back on ignore. OK, here's the deal. You make a Kardashian joke, and expect everyone to "get it." That's South Park. You make a Schrodinger's Cat joke and virtually no one gets it, but it's still funny because Penny's eyes glaze over, and everyone (including physicists) can identify with that. Now that's genius.
I'm currently giving Mohawk Girls (http://aptn.ca/mohawkgirls) a try, and so far I like it a lot. It's not as polished as BBT, but it more than makes up for it in sheer audacity and breaking of taboos. As Canadian productions go, the only show in its class is Trailer Park Boys. Just watch it, you'll see.
Funny you mention it:
https://twitter.com/Ladyofhadess/status/550666596973555713
Or something in a back alley.....
Close your eyes and suck it out of a hose?
He can serve tables in the Obama care cafeteria. Obama will limit the payment required if he works a part-time job in a gov funded heathcare facility. 10 years mandatory srevice for 50% debtr forgivness.
oops, the IRS will want their cut on that foregivness. Hurry Congress, we need a rider.
Well, given Jeffery's ...orientation, there will certainly be a program that will benefit him.
"According to an assessment from the Federal Reserve Bank of Dallas, anestimated 250,000 jobs across eight U.S. states could be lost in 2015 if oil prices don’t rise."
"eight" is the key word
job losses in other 42 states??
the exposure is more than ten times that number - in the steel business alone it is going to be catastrophic - with knock on lower car volume contributing
The BLS will turn that 250,000 job loss into a 250,000 job gain with some creative accounting.
When the BLS gets done with the numbers it will make the algos happy so it puts in higher bids for stocks.
I'm sure you're right, but I'm still waiting for the day those BLS guys finally just throw their hands up and say, "Fuck it! We got nothin'."
Pelosi says that's 250,000 americans without "job lock". They are now free to become writers, poets and artists. It's all good
Gas stations will feel it. Self reininforcing downward spiral. This is the flip side of so called energy independence.
Here We Go Bitchez and it's only the second day of the year lol
Only a Symptom Bitchez!!
- GALLUP: BAD POLITICANS, GOV'T TOP CONCERN
Very interesting. Zerohedge promoting high oil prices, hence good for bank lobby survival and bad for every single consumer in the world?
Hmmmmm. Very interesting
i must have missed that promotion.
Thought you said bank lobby was dead ?????
Now there's an ad hominem right there.
Every time I think you can't possibly say something even dumber than the last time, you somehow manage to up the bar.
Honestly, is there anything you can't misinterperet?
+100
lmao
"Nick Cunningham via OilPrice.com"
After decades of decline, the share of mothers who stay home with their children has steadily risen over the last several years, a new report has found, reports WSJ.
In 2012, 29% of all mothers with children under age 18 stayed at home, a figure that has steadily risen since 1999 when 23% of mothers were stay-at-home, the Pew Research Center reported Tuesday. The share of stay-at-home moms had been dropping since 1967, when about half of all moms stayed home.
Pew attributed the rise of stay-at-home mothers to a mix of demographic, economic and societal factors. The vast majority of married stay-at-home mothers, 85%, say they are doing so by choice in order to care for their families. That rate is much lower for single stay-at-home mothers, at 41%, and cohabitating mothers, at 64%.
I work and have worked with many guys with stay at home wives. It's largely an economic decision: salary - child care - cost of working = not a lot of upside. At the end of it you get a lot more stress and a marginal increase in household income.
This place is fucked.
The oil losses are the tip of the iceberg.
Oldest daughter has 1 part-time job just to pay for daycare. If she lived here, grandma and grandpa would watch the rugrats.
That smug little skinny-ass faggot we have for pResident may be a puppet, but he is doing anything he can to wipe US out.
(intel bunker in Tel Aviv)
"Sir: look up this warning light on the console: sahm87654."
"It's warning that more women are staying at home with their kids."
"Initiate home disruption protocol Z6375859."
"Roger."
Wahhhhhh. If putting people to work at any price is good, lets raise the price of all commodities to create jobs.
The FACT is that for every oil worker who suffers because of sane pricing of oil, 10,000 consumers, most of which live paycheck to paycheck, will have some money left over for a change. They will probably just spend it, but almost anything they decide to do with it will improve the velocity of money.
Is there some sort of cloud in every silver lining? Absolutely. In this case the silver lining wins by a mile.
hmmm....Texas economy goes south... so much for a certain gov's Presidential aspirations. Sure helps the chances of another Florida gov (and charter member oligarchy family member with Saudi 'brother' Bandar.... no coincidence there...)
Unlike the rest of the world, Texas saves for this, it's baked in all the time.
What is never mentioned is that most of the jobs taken in the oil patch are from workers that came from outside the state. (You can tell that by the sheer amount of out of state liscense plates running around everywhere.)
This is how the liberals try to stop the mass exodus from their states that do not possess the ability to create jobs, by killing oil prices. Jimmy did it to us in the 70's, we survived, became stronger, and to this day continue to take every single business we can get our hands on.
This time is not different.
Oops !
Oops !
Oil price is much bigger than the upcoming selection.
This is yet another example of Mises' "debt-fueled crack-up boom" blowing up the capital goods industry. In this case, it went unchecked all the way to the final stop, energy.
Queue the shadowy Texas oilmen to create a civil war in Saudi Arabia as the king dies in 3...2...
Fine with me.
Typically, there are around 20-25 guys working on a rig/well. So, if you lay down 35 rigs then you eliminate ~800 jobs directly. On top of that, all of the service providers have been asked to give huge concessions on their prices. I know of a company that got 25% off and another that got 20% off from their contractors. That discount ultimately comes right out of the employees paycheck. So, you get the double-whammy of losing jobs and less income for the ones that still exist. A savvy opportunist would be combing through Craigslist in North Dakota, West Texas, South Texas, and Pennsylvania right now looking for great deals on pick-up trucks, mobile homes, and trailers.
That would be assuming that these items were owned outright.
Rig count, bitchez.
"According to an assessment from the Federal Reserve Bank of Dallas, an estimated 250,000 jobs across eight U.S. states could be lost in 2015 if oil prices don’t rise".
Well about all I can say is...Tuff shit!
Welcome to the real world. If my business drops off and it has many times over the decades, I have to adjust accordingly. So for you folks in the oil bidness that think oil should stay $100.00 plus forever, well... Life can be a bitch, deal with it.
The pussy bankers are bailed out, but not the oil industry. Fuck em, they get subsidies. We live in a socialist paradise.
Yeah, pretty much.
Get Real.
How about 2,500,000 jobs.
Long EBT!
Buy JPM, the EBT Program King!
Silver below 16 bucks...
thats some funny shit...
so u mean all i have to do is buy 20oz every 2 weeks to reach the 5 figure mark in oz's????
thanks u fucking sociopath cocksucker banker fucks....
DEATH TO THE MONEYCHANGERS.
You'll be stacked like Kate Upton in no time....
OIL is going here...
http://www.globaldeflationnews.com/oil-light-sweet-crudeelliott-wave-upd...
because...
http://www.globaldeflationnews.com/whats-really-happening-with-oilthe-la...
" Companies have sprung up during the shale boom to build metal, machinery, pipes, electrical equipment, chemicals, and other support services."
I will watch with interest the 4 brand new and large "sand mines", "sand processing plants" and "railroads" a hundred miles south of here. These sprung up from nothing 2 years ago. You can see the hill sides that are being mined, then the truck routes to the cleaners and processors, here they make the sand useable for fracking and it comes out into huge storage piles, ready for bucket wheels to pick it out onto conveyors to the new railyard loading facilites. There are four of these lined up along a glacial sand deposit, running in small hills above farm fields. Given the truckers, loaders, plant people and railroaders, you are talking several hundred high paying jobs in just this one rural area.
If they don't drill in North Dakota, this Wisconsin Sand will not be mined. Boom and Bust! If, America loses 250K jobs in the oil patch, the ripple effect in equipment, chemicals, pipes and sand, plus transport jobs in trucks and railroads, Lets say the ripple effect in High Paying Jobs is another 250K. Then the housing, bars, reatail, whores and drugs jobs, there is another 250K.
If oil stays down, in the attempt to crush oil producers hostile to US foreign policy, Mr. Obama will slash 750K in energy and related jobs.
Its all in the debt. Just default on the poopie paper and everything will be fine....
I forgot about the railroads. Hopefully something good comes out of this bust and Warren Buffet gets a big financial bitchslap.
More likely you and I will bail his ass out... AGAIN!
Probably, but even if it is a false hope, lte me cling to it. It costs me nothing. The clinging to the false hope, that is. The bailout OTOH...
Party pooper.
Thing is Executives never take pay cuts, they will layoff three guys and keep their pay.
But yeah, prices might come down for the housing, bars, retail, whores and drugs.
Nah, Buffett the welfare queen is a made man. I smell a bailout coming
"Why so giddy, Munchkins?"
"Reg, I have wiped out Shale Oil for my Saudi Masters!"
"I thought Xi and Vlad were your Masters. It's hard to keep track."
"Well, I have a lot of them. Anyway, look at this cool letter I got from The King!"
"An autographed photo, too."
"Damn! Let's find something I can Fuck Up on my own, Reg!"
"OK, but Dancing with the Stars is on right now."
"Really? OK, after the commercial break. Why didn't you tell me it was on? The men are sooo handsome!"
"Careful, Munchkins!"
Good point Jack. It werent just the oil and gas producers that levered up - all the ancillary economies did as well. In my opinion, this is where the most damage will occur.
I'm shocked. I guess a minimum wage job raise is starting to look good now to those workers. It's ok though they will be being paid what they are worth.
The 14 Best Visual Capitalist Infographics of 2014
http://www.visualcapitalist.com/14-best-visual-capitalist-infographics-2...
My personal favorite
http://2oqz471sa19h3vbwa53m33yj.wpengine.netdna-cdn.com/wp-content/uploa...
It was good while it lasted
Louisiana , Lafayette and surounding area of hwy 90 Broussard ,Youngsville
Typical house thrown together http://www.vaneatonromero.com/L14254972
$2,140 a month and that's at 20% down plus insurance and operating expense
Fucking nuts..
From the state ...
Louisiana economist: Low oil prices won't sink state budgethttp://www.nola.com/politics/index.ssf/2014/12/louisiana_economist_low_o...
But then he says this- The state of Louisiana’s 2015-16 budget is going to be $1.4 billion short, with 162 state government positions already eliminated and more to be discontinued starting from January. Contracts and projects are being either reduced or frozen in state agencies. According to the state’s chief economist Greg Albrecht, for every $1 fall in price of an annual average barrel of oil, Louisiana loses $12 million.
1.4 BILLION ,that's not a sinker ehh..
"Typical house thrown together"
Yowsa, that is one ugly building.
Those crap houses, who designs them, have sprung up all over the place. I talked to a guy who bought on, he admits he was a fool. He told me about the workmanship. Bad. I guess these houses are slapped together with teams picked up at day labor sites around Home Depot. To keep wages low, they make each weeks crew recompete for their day labor jobs. Anyone moves too slow, he is replaced in a flash. Illegal Immigration, why do people ask why? We know why, for this very reason.
I built new, I paid a major premium for a master carpenter and his two man permanent crew. No cheap labor, I paid through the nose. But, I got what I paid for, that's for sure.
I drive by a couple homes going up on my way to work.
Plywood, Tyvek & siding, in that order. I'm guessing there is drywall on the inside.
I'll keep my 1925 plaster & lathe thank you very much.
Nobody expected the Oil Inquisition...
I've had to suffer through years of constant stories about our friends' nephew that works for an Oilfield Supply company. He graduated college to a starting salary of over 100k, been kicking arse ever since. Blew a bunch of money on a house in CO. Now, all of a sudden, he's in trouble, moving back to TX. A scared little boy who is experiencing his first introduction to uncertainty in his short life.
Welcome to the shithouse kid, we saved you a seat!
+1 And there's another million stories just like that one - all with the look of "an attendant sensation of unease" (Michelman, 1967).
"Agent Smith do you know why you are here?"
"Something about your pResidential Limo, sir?"
"Yes! Some bastard is siphoning the tank at night and shitting on my limo seat. I want you to catch him!"
"Sure, uhh, sir."
$1.98 a gallon this morning here.
It all a 'rigged' game!
Make the derivatives implode and it's when reality comes knocking on the Fed's door.
It isn't just the people working in shale play states affected. In MN the employment numbers and tax revenues in recent years have been pumped up by the mere coincidence of it being a neighbor to ND. A ton of MN residents have been driving in to ND to work great paying oil jobs while maintaining their MN residency. When they lose those jobs, it's going to affect MN's economy in a pretty big way.
It's officially over when they start closin' the strip joints in the Oil Patch!
So what else is new?
The transgender titty bars barely got exposure in Montana.
It's an acquired taste!
What? Is he for real? Rough necks will screw around with Transgenders in Montana?
a lot of "tough guys" will play with "chicks with dicks" some of them look hotter than real girls..
Economics 101
This is all just a continuation of the Recession of 2007.
The lesson to be learned is that a government can not end a recession by printing money to keep its stock market flying.
It will be an essay question on the final exam.
The Real Psy-Op about Fraking:
- The .gov has been saying how we create jobs in Oil & Gas Drilling. But 215,000 Jobs is nothing by itself; it is the Transportation, Storage, Wholesale, Retail, Processing, and Chemical Manufacturer that have the Jobs
- This tells me it was bull shit, you could have Alcohol Stills, Bio-Diesel Manufacturing, used Restaurant Fat Processing... or other organic based projects like hemp Oil, Corn, Saw Grass or whatever
- The Failure of Fraking Credit PROVES that Government never gave a shit about the US Worker... OR Providing an Environment for Jobs
It was a Psy-Op, You were being Gas-Lighted!!
Same $hit about to happen here in the land of AUS, some contractors for the coal/oil/iron mines have been told to stay home for 3 months (till things pick up they say hopefully)
Have family in there and they are all mortgaged to the hilt & dont know how they will survive (some expect lay-offs' after the break) as the entire towns are built around mining there will be no work and overvalued property will decline leaving another sum-prime crisis.
Correct,Glencore/Xstrata coal assets.
think of all the hookers laid off....especailly in N Dakota