Crude oil is $86 today.... beginning of the end?

We’re beginning to see the effects that the low oil prices of the past few months is having on America’s domestic energy boom. On Thursday, ConocoPhillips became the first major producer to announce it plans to scale back drilling in some of the hottest U.S. oil plays, such as the Rocky Mountains and the Permian Basin of West Texas.

Meanwhile, Shell said it plans to cut spending and eliminate jobs in its U.S. operations because of weak results from its shale projects. Shell cited the Eagle Ford play in South Texas, one of the country’s hottest drilling prospects, as an area it hopes to exit.

In contrast to the caution exhibited by ConocoPhillips and Shell, independent producers have said they expect to continue their fracking operations unabated. Many smaller companies have lower cost structures and can still make money fracking at current prices.

http://www.forbes.com/sites/lorenst...low-80-the-first-shoes-drop/?partner=yahootix

 

OPEC shaken by Saudi price move

VIENNA (AP) — Saudi Arabia showed little concern for fellow OPEC members by unilaterally cutting its oil prices to the U.S. this week, a move that casts doubts on the cartel's credibility and its ability to find a common plan to stabilize the slumping energy market.


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And while OPEC struggles to find consensus, oil prices risk remaining low — or falling further — to the benefit of consumers and businesses in the U.S. and worldwide."

 

Oil and gas could learn a thing or two from the Debeers Family.

 

They've been robbing us for several years with all of the high prices while getting very rich, yet this is not the end of it, it will soon be back up enriching them even more.

 

From much talking to veterans in the oilfield it seems every time it crashes it sucks for awhile (less hours,job cuts) but not long after its booming again....so the general census should be to save your money and just keep rolling with it.

I cant talk for smaller companies but if you can trying to get with one of the big three (baker hughes , halliburton , schlumburger) out in a major oil play i wouldnt worry about a job loss,unless your a contractor for one of the above of just suck at your job.....

 

Oil closed at 74. Today

 

Been told to not worry about a thing by people higher up in the food chain than I am.

 

I hope so...no drilling...no frac sand trucks.

 

Have a land man buddy he says when I txt you to I've lost my job then start looking till then hold the course.