For all the dolts on cnbc who think this will only affect Texas and North Dakota, they will be shocked to find that the only thing going for the US economy for seven years was the oil and gas industries.Banking, housing, car sales etc. will all be affected. Obama is killing these industries by promoting Iran’s oil industry in a time of glut and no growth. Mission accomplished for that Muslim lover.
I have friends who were raking it in over in Dakota now back, unemployed, trying their hand at dish washing and various other entry level jobs. I may be soon joining them, being in the mining business.
I’ve been friends, who are rejoicing at these low prices, that this is an indication of how poorly the global economy is performing. It will have far reaching impacts in all areas.
I find it interesting that Obama isn’t taking credit for lower gas prices...Oh yeah he wanted us paying exorbitant prices. My bad
You got that right and what goes around comes around, the Big Banks, Housing and Auto will get bailed out by the government forcing tax payers to pay the bill.
Although this time around there may not be enough middle class tax payers to fit the bill, but the government will wring out all they can, and the super wealthy have already payed the criminal political class for protection.
Exactly! Then we’ll get a big bail out, and the oil industry would be in the hands of the Marxists.
You are right about that. They do not seem to realize how many miles of steel pipe is used in just one well. Think of all the mining jobs just for iron ore. Foundry jobs, truckers hauling the stuff down the highways from the foundry.
Pickups, crap, the local dealers here would carry hundreds of them in inventory. Copper wire for the miles and miles of wiring per well. Electronics, lumber, masonry, rubber and chemical industries. And these jobs are indirect, not including the workers directly associated with the drilling and completion of wells.
You are right, nobody realized the impact to the economy us oil field trash added to the economy. Actually the Federal Reserve admitted it last week, they made a mistake and to try to ease the situation they let up on the mark to market rules for the oil industry loans.
Mission accomplished and added to the list. What’s next? Any predictions? The candidates should be talking about these DETAILS to get the voters involved.