So the last boom was in the 80s, I guess this one started about 2006, and thats probably generous, so the bust was around 86, thats 30 years from bust to boom. Goldman Sachs is predicting oil to hit 39 bucks a barrel in 5 to 6 months, and theyve been shot on with their predictions, but theres a goober in Midland who is an oil consultant that says oil field workers will be kept working by mowing the grass and painting rigs because it always bounces back he says. Yeah, they could paint rigs and mow grass for 30 years, thats how long it took to bounce back last time. Remember 2000-2008 when you couldnt get a job in the oilfield to save your life? The economy was so bad in 2001 that the government was giving out tax rebates to try to stimulate it, so Im not going to listen to the guy in Midland. This guy also said that oil would bounce back by the end of 2014 and is saying is gonna be back to 60a barrel in the next 4-6 weeks, I think he needs to find a new profession. This kind of denial and wishful thinking isnt good for anyone, its just Gina make things worse. I saw ask these bumper stickers after the last one that said lord please let there be another boom, I promise not to piss it all away this time. Midland decided a several years ago that it needed to diversify and stop relying on the oil industry for the primary source of their economy, they started moving into the retail industry but as soon as oil started going up they all said forget all that diversification, that was just crazy talk, its all about the oil! So they dropped all the plans for diversity and sank themselves bank into oil like ravenous hyenas into the carcass of a wildebeest. Now is come to an end again and again, those same people are Now sinking themselves into denial because of their love of money and because, unlike those bumper stickers promised, they did piss it all away, living like royalty, blowing money that hadnt even been made yet. Part of the issue was when oil was at its peak, greedy people pumped up production because they wanted to make as much money as possible, now there is a 2 million barrel surplus. That guy in Midland seemed to imply that he was disappointed that there hadnt been any major catastrophes to drive up the price, thats pathetic.
Posted on: Tue, 13 Jan 2015 06:31:55 +0000
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