While I am grateful for the lower price of gasoline and heating oil, I am concerned for those that have lost their jobs b/c of the crash.
There but for the grace of God go I...
Lots of folks losing their jobs in the oil industry. However, the Middle Eastern money is taking care of Washington, so no worries.
Yep. this is how economics (supply and demand) and money management works, unless governments intervene to prop up oil and gas prices.
Texas has a long history of boom and bust in the oil patch. The smart old timers are making moves which will increase their wealth when the next boom starts. The rest have over extended their debt and will not make it through the bust not owning the assets (because of bank liens) or having the cash reserves to sustain themselves until things get better.
Now is the time to buy and sell assets for many Texas oilmen. In the meantime consumers should enjoy their windfall because prices will probably increase at some point in future. That is my concern. When the oil and gas industry begins to rebound consumers will be impacted and have to absorb the price increases.
Job losses in industry are worse than article notes, as many workers have hours cut way back too. My nephew working for a rig company went from 60 hrs to 20 hrs per week.
Companies do this to preserve talent that would not be there when things improve.