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Old 11-29-2014, 09:00 PM   #151
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Originally Posted by Porterhouse View Post
Where did RLB go? West Texas crude enjoyed a 10% drop on Friday and I need Mr. Big Bucks to tell me how that's going to impact my mailbox money. Hoping his iron clad contracts mean that my royalties go unchanged.

More importantly, considering that I am in the mortgage business, I need him to tell me how long the soundness of his rig contracts will stall an increase in foreclosures.

Even more importantly, I want him to post again so Burnadell can say something else.
lol. This.
You should read the gems he has posted in the football thread the last couple of days.
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Old 11-29-2014, 11:17 PM   #152
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That's why I make the big bucks son.....I get paid from the neck up!!

Rig contractors got burned in the 80's.....not gonna happen again. Carry on.
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Originally Posted by M16 View Post
I know a guy who makes the big bucks cause they pay him from the neck up that says you wrong!


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Originally Posted by Porterhouse View Post
Where did RLB go? West Texas crude enjoyed a 10% drop on Friday and I need Mr. Big Bucks to tell me how that's going to impact my mailbox money. Hoping his iron clad contracts mean that my royalties go unchanged.

More importantly, considering that I am in the mortgage business, I need him to tell me how long the soundness of his rig contracts will stall an increase in foreclosures.

Even more importantly, I want him to post again so Burnadell can say something else.

Okay, I will say it. "Something else"
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Old 11-30-2014, 12:17 AM   #153
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lol. This.
You should read the gems he has posted in the football thread the last couple of days.
Yep. good stuff!

Yall should really listen to ol RLB hes never wrong has 5 rent houses, has had his kids college paid for before they were born, doesnt have to work but yet he still does and hunts whenever he wants I m sure I left a few things out but Im sire he will be along to let us know what I left out
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Old 11-30-2014, 12:22 AM   #154
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Some of the companies we work for have said their break even point is $35 Bbl. I'm also seeing a lot of cost cutting/watching from companies also, people are nervous for sure, especially those of us that were around for those bottom of the barrel prices in the eighties. Our business enjoys the boom but we also service production, so we'll ride the roller coaster until it jumps the tracks.
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Old 11-30-2014, 12:41 AM   #155
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Originally Posted by Saltgrass Mikerr View Post
You must NOT work in the oilfield

Actually he does work in the oilfield.
Were in North Dakota, I have a Tahoe, and he's allowed to use his work truck, so there is no reason for us to have another vehicle.
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Old 11-30-2014, 12:45 AM   #156
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also, this is the time a lot of M&A's start happening, since other companies can get competitors cheaper, they can use the merger/acquisition as an excuse to cut jobs...already had that haliburton one happen...keep an eye out
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Old 11-30-2014, 06:45 AM   #157
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HAHA!!! RLB has left the building. crickets,....
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Old 11-30-2014, 06:46 AM   #158
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I know a guy who makes the big bucks cause they pay him from the neck up that says you wrong!
That is correct! Just ask him!
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Old 11-30-2014, 07:16 AM   #159
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I am amazed up here where I live in Wyoming how many young guys working the oil patch are gobbling up the customized $60 - 90,000 dollar trucks, boats, snowmobiles, ATV's, 5th wheels, and the list goes on.
They have everything on credit and don't have a pit to pee in if they lost their job. And, they will lose their job.
I told my wife that we will purchase a few of those items for cash and pennies on the dollar when the downturn hits.
There was a bumper sticker a lot of guys had back in the early 80's that said, "Dear Lord, please grant me one more oil boom and I promise not to **** it all away this time." Well, the young guys were not around back then and so the cycle repeats itself. Selfishly, I will reap the rewards of their own stupidity.
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Old 11-30-2014, 07:25 AM   #160
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WTI $66.15. Nah....no changes comin'.

Like my Dad said in '79 as crude climbed above the unthinkable price of $32/bbl, "We're fixin' to have blood in the streets".
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Old 11-30-2014, 07:31 AM   #161
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Do oil field guy even make THAT much money? I've got some friends that bring home decent checks but work ALL the time.. Hourly it doesn't seem like a heck of a lot.. Just curious??
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Old 11-30-2014, 07:48 AM   #162
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Do oil field guy even make THAT much money? I've got some friends that bring home decent checks but work ALL the time.. Hourly it doesn't seem like a heck of a lot.. Just curious??
Nah.
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Old 11-30-2014, 07:51 AM   #163
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Do oil field guy even make THAT much money? I've got some friends that bring home decent checks but work ALL the time.. Hourly it doesn't seem like a heck of a lot.. Just curious??
A lot of them don't get paid much hourly but they get a ton of overtime.
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Old 11-30-2014, 07:54 AM   #164
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A lot of them don't get paid much hourly but they get a ton of overtime.
Kinda what I was thinking just wasn't sure..
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Old 11-30-2014, 08:30 AM   #165
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Randy I worked the East Texas oilfields around Tyler , Lufkin , Kilgore , Gilmer etc. You are absolutely right but the oilfield did linger on a bit longer for us in that region.



I remember getting paid to just sit and circulate in the hole because there was no drill pipe to be bought. It wasn't long before we were stacking the rig out in the snow.



I saw what was coming and took a job working for Abercrombie and Fitch sporting goods. We were still selling high end toys like Krieghoff Crown grade shotguns Purdy, Renato Gamba's, Colt Sauer, H&H etc. etc.



The next year we were buying back all those toys for 10 cents on the dollar. I still have a few of those items tucked away as well.



I went into the Army and some years later watched the very same boom or bust happen down in Pearsall and Dilley.



Those that believe it can't happen or wont happen need to understand the economics of the oil industry. All those perks and high wages come at a price and if that price drops below x-$$$$ those wells will be shut down and until they run prices and demand up to meet the end costs of production.

I'll take a kreighoff if you're selling
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Old 11-30-2014, 08:49 AM   #166
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Watch the oil prices and rigs stacking....will be some nice stuff at the pawn shops from guys like RJB.
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Old 11-30-2014, 08:57 AM   #167
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Default Hey Oilfield Guys!!

There seems to be an impression that everyone in "the oilfield" is an irresponsible 20 year old floor hand with a fancy truck and glitter fleck painted bass boat.

Contrary to popular belief, some of us have families, pay our bills, and even have savings accounts and investments. Heck, we even do crazy things like set up college funds for our children. SOME of us even have homes and businesses built where we buy products like wood, windows, concrete and steel. That doesn't sound like "oilfield" does it? Perhaps when you're reaping the benefits at your local EZ pawn, you should think for a moment about your customer base and where your paycheck is coming from.

From whining about oilfield traffic on their ranch to gas prices for their $70,000 trucks, there are some short sighted people who don't seem to grasp the overall impact of the industry in texas, and the resulting multi billion dollar impact it has on our economy in this state.

https://www.txoga.org/resources/economic-impact/

Last edited by kyle1974; 11-30-2014 at 09:11 AM..
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Old 11-30-2014, 09:06 AM   #168
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http://www.forbes.com/sites/stevefor...othless-tiger/
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Old 11-30-2014, 09:09 AM   #169
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Originally Posted by kyle1974 View Post
A lot of genius on this thread. There seems to be an impression that everyone in "the oilfield" is a 20 year old floor hand with a fancy truck and glitter fleck painted bass boat.

Contrary to popular belief, some of us have families, pay our bills, and even have savings accounts and investments. Heck, we even do crazy things like set up college funds for our children.

From whining about oilfield traffic to gas prices, there sure are some short sighted people who don't seem to grasp the overall impact of the industry in texas.
I know a lot of guys in the oilfield that are very responsible, educated and have great careers in the energy sector.
That being said, the majority of the younger field guys that are making good money with little or no education are spending it like it will never end.
Those are the guys I am referring to and with you being in the business you know exactly the ones I am talking about.
I can drive down the street here and almost guarantee that 80% of the $70,000 lifted and customized diesel trucks are being driven by young oilfield guys and they are financed to the max. It is just the way it is in that industry that pays very well with little to no education or experience. The smart ones will sock it away and live modestly because it won't last forever.
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Old 11-30-2014, 09:18 AM   #170
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Default Hey Oilfield Guys!!

Without a doubt there are irresponsible people in the oilfield.

You think maybe that exists in other industries as well? As for paying people well with no education, what's wrong with that?

Last edited by kyle1974; 11-30-2014 at 09:28 AM..
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Old 11-30-2014, 10:34 AM   #171
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Originally Posted by kyle1974 View Post
Without a doubt there are irresponsible people in the oilfield.

You think maybe that exists in other industries as well? As for paying people well with no education, what's wrong with that?
Don't misinterpret what I am trying to say as I don't begrudge anyone making a lot of money etc. And, yes there is irresponsibility in any industry.
What I can tell you though because I grew up around the oilfield industry, is that no, there is not another industry that I know of that pays so well for so little experience or education.
The nice thing about our country is that everyone has the opportunity to do well, however one defines it. I have just seen the cycle of the industry and it does not change, especially at the lower end. My wish, is that more of those young guys had the wisdom and discipline to sock it away now so they could live a much nicer life later.
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Old 11-30-2014, 12:18 PM   #172
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Originally Posted by Sparkles View Post
I'll take a kreighoff if you're selling
I have NIB Crown Grade if you can swing it.
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Old 11-30-2014, 12:30 PM   #173
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Originally Posted by bphillips View Post
PLEASE PLEASE PLEASE be saving some money!!

I am starting to see lots of the same really bad habits that left lots of guys in trouble the last time the work died off. I understand the toys and trucks thing and thats all fine and good if you have some good savings accumulated. I would hate to see some of you guys get in a big bind should the work be gone soon. I know many of you may hear "we have 10 years of work around here" because that is a common phrase but the fact is if oil ever drops so will the work. Just because the work is there doesn't mean it's worth going after to all the companies.

I give this reminder because I personally know of a couple guys with 100k+ salaries that have to finance furniture or TVs and even one that makes over 300k that never has a dime in his pocket.

Have fun but be careful fellas.
I have not read ANY responses but THANK YOU for posting. Sadly, it is not only OILFIELD related per see.........it is the human condition.........almost like Pavlov's dog syndrome. Many men can totally change their family tree by resisting/putting off wants for the greater good. It is scary the % of so-called smart Americans that don't have $1,000 cash on hand..........and these people make $60,000++++ per/year. It aint how much you make, it is how much you keep!!!
On the flipside, when the market does fall (and it will someday regrettably) folks like me will be there to save them.......... at half price or less. Great post sir!!
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Old 11-30-2014, 12:32 PM   #174
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I'm a contractor. I help to build shopping malls, schools, hospitals, subdivisions, apartments, high-rises, office complexes, etc. Dropping oil prices are no good for anyone. I've hired over 100 people this year alone. With all of the money infused into the economy, and interest rates being so cheap, developers cannot afford to sit on their money...they've had to put it to work. When oil prices drop, a lot of that investment money goes away and development slows down. When the oilfield dipped in 2008, construction in 2009 and 2010 hit the crapper. Construction is cyclical but you can almost always trace it to the cycle of the oilfield. As goes oil, my industry will follow about 12-18 months behind. I'll be ready for it...I hope my people are. They're all working lots of overtime right now, I hope they're putting up for a rainy day....because rainy days are always just around the corner.
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Old 11-30-2014, 12:41 PM   #175
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Since when is paying less for something a bad thing? What kind of voodoo economics has the government been teaching y'all?
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Old 11-30-2014, 12:53 PM   #176
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Originally Posted by JMalin View Post
Since when is paying less for something a bad thing? What kind of voodoo economics has the government been teaching y'all?
When is doesn't become feasible for that industry to provide at that price, is when. Less demand and they turn down the supply. The spike up is always worse than the lowering. Seems like you are buying into the government teachings more than the other people.

Google monetary effect of oil and gas industry in Texas.

You, like a lot of people, have a myopic view of things. Stop looking through a soda straw and see that the is a big world out there that is codependent on a lot of other factors other than saving $3.00 on a tank of gas. Including your property value in Texas amongst other things.
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Old 11-30-2014, 12:57 PM   #177
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Doesn't JMalin work in the oilfield?
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Old 11-30-2014, 01:02 PM   #178
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Originally Posted by asttbe View Post
When is doesn't become feasible for that industry to provide at that price, is when. Less demand and they turn down the supply. The spike up is always worse than the lowering. Seems like you are buying into the government teachings more than the other people.

Google monetary effect of oil and gas industry in Texas.

You, like a lot of people, have a myopic view of things. Stop looking through a soda straw and see that the is a big world out there that is codependent on a lot of other factors other than saving $3.00 on a tank of gas. Including your property value in Texas amongst other things.
What you fail to see is the billions consumers save on energy collectively will be spent elsewhere or (ghasp!) saved.
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Old 11-30-2014, 01:04 PM   #179
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Like the old school told me it's a vicious cycle it always will be. Wish I could say I've saved enough. But I have gotten my monthly acorn lower and lower with persistence.
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Old 11-30-2014, 01:04 PM   #180
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Doesn't JMalin work in the oilfield?
I do. But I'm not self absorbed enough to wish for others to pay higher prices for energy so I can continue working in this industry. There are always other opportunities.
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Old 11-30-2014, 01:05 PM   #181
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Originally Posted by Landrover View Post
It aint how much you make, it is how much you keep!!!
True to a certain extent. But you have to make a decent amount of money to be able to save. So you need to make enough to keep some.
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Old 11-30-2014, 01:06 PM   #182
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What you fail to see is the billions consumers save on energy collectively will be spent elsewhere or (ghasp!) saved.

Lol nothing gets saved.
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Old 11-30-2014, 01:06 PM   #183
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I do. But I'm not self absorbed enough to wish for others to pay higher prices for energy so I can continue working in this industry. There are always other opportunities.
I'd check in the mirror and make sure I didn't have stupid tattooed on my forehead.
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Old 11-30-2014, 01:08 PM   #184
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What you don't see is that when the price of oil is at a sustainable price point it employs millions. Truck drivers, machine shops, rope soap and beans dealers, construction, home sales, etc. When we stop working we stop buying from those people and they start laying off. Oklahoma and Texas in the mid 80's were skeletons of what they were in the 70's. There is a huge interdependence in the oil producing states on the oil industry and other industries.

But, you can enjoy your cheap gas while it lasts
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Old 11-30-2014, 01:09 PM   #185
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I do. But I'm not self absorbed enough to wish for others to pay higher prices for energy so I can continue working in this industry. There are always other opportunities.
I don't think I'm self absorbed, I would just like to keep my job.
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Old 11-30-2014, 01:14 PM   #186
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JMalin,

The poor state (about 2 million population) that I reside in gets about 2 billion per year to the state budget from O&G revenues. Imagine what all that goes to.

The government in general is a major beneficiary of O&G.
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Old 11-30-2014, 01:17 PM   #187
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True to a certain extent. But you have to make a decent amount of money to be able to save. So you need to make enough to keep some.
Therein lies the dilemma.........what is a "decent amount of money?" Not that I don't agree/understand your statement but my post was not aimed at lower income folks as this was about oil industry employees.
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Old 11-30-2014, 01:23 PM   #188
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Originally Posted by asttbe View Post
What you don't see is that when the price of oil is at a sustainable price point it employs millions. Truck drivers, machine shops, rope soap and beans dealers, construction, home sales, etc. When we stop working we stop buying from those people and they start laying off. Oklahoma and Texas in the mid 80's were skeletons of what they were in the 70's. There is a huge interdependence in the oil producing states on the oil industry and other industries.

But, you can enjoy your cheap gas while it lasts
People will continue to by goods and services when the price of them fall in line with what they are earning. Market forces go both ways. As someone that does save, and is wanting to buy a home within the next few years, I'd welcome lower prices.

Last edited by JMalin; 11-30-2014 at 01:26 PM..
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Old 11-30-2014, 01:27 PM   #189
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You must have missed the last couple of busts. Bumper stickers were saying "Would the last person leaving Oklahoma, please turn out the lights" That is one state that has never recovered from the early 80's.
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Old 11-30-2014, 02:13 PM   #190
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Just give me two good years to get ahead and figure out what I really want to do with my life lol. I don't foresee cheap oil any time soon with America's addiction to spending/debt along with reckless monetary policy, but who knows? Maybe all the production going on will finally catch up and a glut of supply will bring prices down.

So, if I do want to make a career in the oil patch, what are some jobs that'll be around regardless if prices fall?
Oil prices are not driven by American spending nor monetary policy. Respectfully, just sit back and listen to the people who've been there. Learn from history and from what is yet to come.
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Old 11-30-2014, 03:01 PM   #191
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Oil prices are not driven by American spending nor monetary policy. Respectfully, just sit back and listen to the people who've been there. Learn from history and from what is yet to come.
That's laughable! So 20% interest rates of the 80's had nothing to do with oil's crash?
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Old 11-30-2014, 03:37 PM   #192
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That's laughable! So 20% interest rates of the 80's had nothing to do with oil's crash?
I think you misunderstood he never said oil prices dont affect spending and monetary policy. He only stated our spending and policy don't drive oil prices and he is right. Little outside of OPEC and their output affects oil prices.
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Old 11-30-2014, 04:22 PM   #193
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That's laughable! So 20% interest rates of the 80's had nothing to do with oil's crash?
It had everything to do with it....That's the point. Oil prices are not driven by American spending or monetary policy, however American spending and monetary policy are affected by oil prices. In this state, more than the oil industry and consumer spending at the pump is affected by oil prices.

I buy about 50,000 gallons of diesel every month. While I'd love to pay less for it, I don't want to pay $2/gal for diesel for only 5,000 gallons due to the fact that there is no development on which to burn 50,000 gal of diesel. My guys saving money on gas doesn't really help them if they don't need gas to drive to work, because they don't have a job.
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Old 11-30-2014, 05:11 PM   #194
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In 2011 oil and gas contributed 1,938,700 jobs and 20% of the workforce income to the state of Texas alone.

Thinking a bust in the oilfield will not effect every day life of people in the state not associated with the industry is the very definition of naïveté.

The high school football stadiums in Katy and Cy-Fair school districts will go away, just for example. There won't be the tax revenue to support them.
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Old 11-30-2014, 05:19 PM   #195
JMalin
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And greenspan's monetary easing during the collapse of the tech bubble had nothing to do with oil's run from $20 to $150 from 2000 to 2008. Okay
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Old 11-30-2014, 05:27 PM   #196
RLB
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Quote:
Originally Posted by wtx223 View Post
lol. This.
You should read the gems he has posted in the football thread the last couple of days.
Nope I'm still here.....and just to say I told you so. One of the largest operators in the EF laid down one of our rigs.....dang!! And the they wrote us a $9m check for the out in the contract.....and oh wait, the best part.....I still get my commission !!!
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Old 11-30-2014, 05:28 PM   #197
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Omg!! Jmalin is back!! Crap!!

Edit. Both are back!! Crap crap!! Haha
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Old 11-30-2014, 05:28 PM   #198
JMalin
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Originally Posted by curtintex View Post
It had everything to do with it....That's the point. Oil prices are not driven by American spending or monetary policy, however American spending and monetary policy are affected by oil prices. In this state, more than the oil industry and consumer spending at the pump is affected by oil prices.

I buy about 50,000 gallons of diesel every month. While I'd love to pay less for it, I don't want to pay $2/gal for diesel for only 5,000 gallons due to the fact that there is no development on which to burn 50,000 gal of diesel. My guys saving money on gas doesn't really help them if they don't need gas to drive to work, because they don't have a job.
There will more to develop when it is economically sensible to build new over buying existing property. Do we really need another strip center in the burbs?
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Old 11-30-2014, 05:33 PM   #199
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Quote:
Originally Posted by asttbe View Post

The high school football stadiums in Katy and Cy-Fair school districts will go away, just for example. There won't be the tax revenue to support them.
What is wrong with that???
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Old 11-30-2014, 05:35 PM   #200
asttbe
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Quote:
Originally Posted by RLB View Post
Nope I'm still here.....and just to say I told you so. One of the largest operators in the EF laid down one of our rigs.....dang!! And the they wrote us a $9m check for the out in the contract.....and oh wait, the best part.....I still get my commission !!!

You mean that ironclad contract was bought out? Thought that rig would be working for years and there was nothing the operators could do about it. I'm sure the hands on that rig are happy for you and your commission
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