They might be employed in the energy business, or have a lot invested and a lot to lose.
A lot of folks in the US energy production business are already getting laid off, and it will get much worse when the some of the contracts come up for renewal.
Oil price drops bring pain to Texas, North Dakota: Fed
Falling Oil Prices Cause Concern In North Dakota and Minnesota
Falling Oil Prices Have North Dakota Migrants Rethinking The Boom
States like Alaska are already predicting a half Billion dollars in loss of expected energy tax revenue for 2015, and I don't think prices have even hit bottom yet.
In turn, every bar, restaurant, hotel, apartment building, and grocery store in an oil boom area, from PA to OK, is going to feel tremendous pain unless price go back up again soon.
I don’t believe it’s the economy-crashing disaster that some are making it out to be.
HOWEVER ... “if” it truly were that kind of a disaster to our economy, then just slap a $20 or $30 a barrel tax on all imported oil into the USA, but none for domestic oil ... :-) ... and give all the tax money to the domestic oil industry! Boom times are back again like gangbusters for the USA ... LOL ...
But ... no, I don’t think we need to do that. For those who think it is that kind of disaster, you might want to work on that solution ... :-) ...
I call BS on your premise. First American fracking Co’s have already hedged 75% of this years “crop “ in the futures market above $90.00 a barrel. Second pumping trillions into the pockets of poor and middle class folks is a bad idea? Yeah right.
And every bar, restaurant, hotel, apartment building, and grocery store in areas of the country that have not been rolling in the clover due to the fracking boom will see increased sales and lower costs.
Enjoy the belt-tightening. We've had a blast watching an ever-larger portion of our paychecks disappear into our fuel tanks for the last several years.
My husband interviewed for a job with a small oil & gas company, and now it doesn’t look good. They said they aren’t sure they are going to do any hiring now.
Some of us are hurt by lower oil prices.