Enbridge cuts jobs amid slumping oil prices
http://www.bizjournals.com/houston/morning_call/2014/12/enbridge-cuts-jobs-amid-slumping-oil-prices.html
Houston-based Enbridge Energy Partners LP (NYSE: EEP) is the latest energy company to announce budgetary cuts amid dropping oil prices and industry-wide cuts.
In an effort to reduce costs, Enbridge Energy Partners has cut jobs in its domestic gas pipelines business, according to the Houston Chronicle. Less than 100 jobs were cut.
The midstream business unit is known as Midcoast Energy Partners LP and is a limited partnership formed by Enbridge Energy Partners. The job cuts will impact Midcoast Energy Partners.
There will be some losses in the fracking market but OPEC’s attempts to throttle it are futile.
It will be back.
My God!!!! Cheap gas is a nightmare!! Come to think of it, EVERYTHING should be MUCH MORE EXPENSIVE!!! Then the economy would REALLY take off.
and create millions more in other sectors
The 10% cut back probably would have happened anyway. The oil industry is using the market to justify some trimming and excesses.
That didn’t take long.
Crashing Oil Prices Will Be Terrible ONLY For A Tiny Part Of The US Economy
http://www.businessinsider.com/energy-investment-a-small-share-of-gdp-2014-12
The long economic history of America has been one of displacements with loss of jobs in an area/or the nation and outdated and no longer needed skill sets. We call these eras, recessions.
Later, there is a positive economic shift up with increased jobs (with the exception of the Obama era) often in different geo areas and different needed skill sets. These eras are called economic booms or growth eras.
We get into trouble in geo areas and as a nation, when we try to $crew around with this reality. The ups and downs and dislocations and the following economic booms, which have made us the long lasting economic power we have been.
People in oil and gas continued to get huge raises and huge bonuses throughout the recession. I got no raises for several years, healthcare went up, gas and everything else went way up. Then I lost my job, and it took me a year to find another full time job. I’m not saying they deserve it. Not in the least. I am saying they should prepare for things like this. Especially when the new normal is The Suck.
Yes since the economy was in the toilet back when gas was .79¢/gal.
Journalists are liars, there is hardly any truth in what they print anymore.
The French economist Bastiat said that the entirety of economic effects must be taken into account, both those that are easy to see and those that are unseen. In the case of the drastic decline in the price of oil, the effects that are easy to see are those that are concentrated like job cuts or cancelled well drilling. The effects that are more diffuse such as lower costs for users of oil are still important even though they are hard to see.
The truth is that the lower the price of oil gets, on balance, the greater the benefit to the economy. We can test this by asking if the price of oil were to increase by a factor of 10x (or 100x), would this be better or worse for the economy?
A side benefit to the drastic drop in oil is that the receding price makes it even more impossible to hide the full (that is the honest) cost of solar and wind power. This will make government subsidies and sleight of hand via regulation-induced economic distortion even more difficult to be “sustainable”, a concept the left love to scold us about except when it comes to honest accounting.
But, those who lose their jobs will save 33% at the pumps!
So, the objective is to bankrupt middle class America with exorbitant oil prices in order to keep oil industry workers working? That sounds like robbing Peter to pay Tyrone.
bkmk