Bust is sooner than you think....

In 1980 my oldest brother was in oklahoma in the oil fields. Just 21 living it up. it dried up so fast he called home for Daddy to come get him as he had partied the cash away. Daddy refused but after Mom was done he did send him a bus ticket. I worked the Fayetville shale here in Ar, seen it dry up just like they turned the tap off. Lot of big empty facilities around. They said 20 years work in beginning but 5 is reality. However I did not follow older brothers footsteps. Never thanked him either for teaching me not to. lol

 

Well if what this guy is saying then I would be worried if your a driver. My father in law had me talked into going up with him but I'm glad I didn't. He got out last winter. http://youtu.be/1NUF1KW16UM

 

I know that in Colorado Anadark is looking to open over 500 new wells this coming year. The area they are expanding is essentially from just Northwest of Denver to the Kansas line. How long will it hold out? No experts know, but there is work, and money there to be had. The smart thing to do is put back your money for the downtime, and enjoy the work while it's strong.

 

No matter how well the boom has you feeling financially. Remember to live on $40K/yr or less if you can. Don't go buying $60K pickups, and other junk that depreciates. Buy farm land or just save that money is something boring but safe.

 

Listen to the experts! I did and it helped me survive Y2K, the world ending December 21, 2012, etc.

 

$40k/yr....I keep my budget at about $28/yr or less... Actually it's been around 22k/yr but I decided to treat myself ...

 

The oil field has a boom bust cycle. Do NOT believe the huge number of leases sold each quarter, as MOST of those will never be drilled. It is a very fluid market, and in reality, extracting the oil and gas is a hit or miss still. And the bust comes with NO warning. It could be today, or 5 years from now, just keep in mind that it will bust again. A well producing 1000 bbls a day drops to 10 bbls a day.

 

...Okay, AND?

Should we not take advantage when we can or something?

FWIW EVERYTHING is cyclical....Do we stop participating in everything?

 

This thread is titled "Bust is sooner than you think" so I'm not sure where the confusion lies. It was a useful post and contributed to the conversation IMHO. All sarcasm aside, the thread topic can always be found at the top of the page. That way threads don't get hijacked into 4th Amendment rants or other off topic discussions.