The anticipation is bankruptcy of the US Oil & Gas industry. A lot of geologist, geophysicists and engineers are losing their jobs, and the companies themselves are just trying to survive.
Also, a lot of long-lead time projects are being put on hold or abandoned, so when the price of oil eventually catches up with demand, it will be too late in the day and prices will spike on the high-side.
Right you are. Here in Washington County PA. lots of gas wells are idle. The hotels and RV parks in the area that were filled lost a lot of their business. Lots of rig workers went back to Texas & Louisiana. The truck traffic by my house is way down from last year. I know guys who leased land to gas drillers. These guys would rent pastures and fence them and raise cattle. There are no cattle by my house this year too. Its all trickling down.
Two of the guys from my university are looking for a job right now. Both are 'land men' and they both think they'll find no job opportunities in their field any time soon. One is about to start his first week as a assistant manager of a shoe store in a strip mall. My other friend has already taken a job as a country club swimming pool life guard. They both have kids in college and both are desperate to keep their kids in school. Tough times these are in the oil patch.