When will oil prices go back up

Wow Arky, a few rednecks driving around in $75K pickups? Is that all you were when you worked in the oilfields? Texas alone has lost at least 75,000 jobs. That doesn't count ND, and the smaller fields in OH, PA, CO, etc.
Simple math will tell you that the average family will save only a few hundred dollars per year with lower gas prices. Furthermore, the current low prices are a reflection of drastically lower demand from a stalling global economy. There is talk of recession. Every time oil drops, the stock market drops and companies are getting skittish about expansion and hiring. Only a fool would celebrate the current oil market as a boon for our economy.

Sorry Canned Spam, didn't mean to quote you again. I was trying to quote Arky.

 

You are inverting the relationship between oil price and global economy. Oil prices are a result of the overall heavy of the economy, not a driving factor. In other words, oil price is an effect, not a cause.

You are also only thinking of the gas a family buys for their car on the effect of the average family. High oil prices make everything a family buys cost more. I don't know about the rest of you, but my families grocery bill more than doubled when oil last spiked.

 

I have no bone to pick with oilfield workers. I worked in the patch and would again. I probably won't because of some family circumstances, but I would if the stars were aligned.

No, I never drove an expensive pickup. In fact, I'm still driving the same vehicle I was driving the day I started in the patch...and I assure you...it ain't new. I understand that there are a few oil field workers who depend on the patch for their living. But I see absolutely no reason why that occupation is any more important than any other occupation. In my opinion, people like myself who worked during the boom, because were needed and the money was good, should get out of the patch now and go back to something else at home. Leave the oil work to the locals who do depend on it. But, that in no way means that oil workers are entitled to extra money vs any other worker in America.

I support the oil industry for one reason...to lower prices for everyone. When prices were high and we weren't producing, everyone complained and cussed OPEC. Now that we are producing, everyone who benefits from high prices wants em back. Personally, I believe the increase in US production has done exactly what we, as a nation, needed it to do. We stomped OPEC's choke hold on our economy. Now, we need to move onto NG and let OPEC swim in their oil.

 

We had never been in a position to be as self sustaining in oil production as this past boom.
This current correction is not a result of a natural cycle ,but as a war by the Saudi's to wipe out competition .
Now the inflation we have going is a whole nother story, what goes up seems to never go down.
Freight surcharges are applied to products at the time they hit the shelves , but if that freight surcharge disappears the final price seems to never come down. Inflation .
I bought a bunch of PVC the other day. Holy Crap. When did this stuff become Gold?

 

Our oil hasn't gone anywhere. When the markets correct and the prices come back, the survivors will go back to work. The survivors will be the companies who made sound business decisions. The fools will be those who thought the boom would never end.

I do believe their will be a happy medium to oil prices in the future. I am just happy that we now have the ability to participate. The simple fact that we have proven our ability to produce will keep OPEC in check. I love it.

 

Analyst are saying its going to hang around $ 20 -$30 for the remainder of 2016 those of us fortunate enough to still be working it's going to be a long year as long as they don't shut everything in will be alright we won't be getting our 90 hr weeks but will survive I've been hearing new Mexico's natural gas is booming

 

I've been running a kill truck as a contractor for a major producer in the Permian Basin for 20 months now. It's been a great gig, Mon-Fri, 65-70 hrs per week. Last week they suddenly announced we were only working ten hour days until further notice. For the time being I think I can fill in the missing hours with random jobs from another customer. Until they're forced to cut back also. For the past year I've been very optimistic that things would turn around but I now think this will all come to a sudden screeching halt in the next couple months. Oil has been falling for more than 18 months due to low demand and high supply, yet every month production is increasing. China's economy will not turn around over night and that's about the only thing that would reduce the huge crude inventories. The writing is on the wall. I work in the largest terrestrial oil region on the continent and I expect to be out of a job by summer

 

Your not alone CS, I don't pay attention to what category these are in either.

 

End imported oil. US oil for the US markets. Yeah, it's protectionism. But you oilpatch guys would still be working.