This is the return of the oil patch horror we saw in South Texas in the 1982 crash.
It was so bad that I almost lost my business. I had to lay off my employees and I was down to only 3 (me, myself, and I) but I survived and never forgot the lesson taught.
The real lesson learned is that the oil business goes in pretty predictable cycles on a 5 to 10 year basis. That is boom and bust. It can be relied upon to occur around these cycles until the end of time.
***That is boom and bust. It can be relied upon to occur around these cycles until the end of time.***
How true! I remember the boom in NW New Mexico back in 1955. Two years later came the bust. Then the boom in SE New Mexico.
Then the boom again in NW NM in the 1970s, then the big bust of 1984 when whole caravans of people were leaving NW NM area to find jobs.