“The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery.” – Winston Churchill
Hard times in the oil patch. A barrel of oil closed at $31.00 Friday, down 2.3%.
Conoco Oil is down to just 13 drilling rigs operating in the entire U.S. That is about to change.
Friday Conoco announced they will cut back to just 3 operating rigs in the U.S. This coming week they will announce what drilling rigs will remain operational.
2 rigs have already been informed they will be closed. What are the odds our rig will be one of the remaining 3?
Slim I’d say.
Every worker employed on this rig – every contractor – every supplier – all know that hard times are about to slam us.
A pall of lethargy permeates the day. Hard to be enthusiastic with unemployment about to hammer you.
“In general, the art of government consists of taking as much money as possible from one party of the citizens to give to the other.” – Voltaire (1764)
Lord, buddy! Sure hope you made it!! We sure need a government that won’t roll over and will defend us against this kind of shit – – (read as “has a spine”). Thinking about you and praying!
Apparently we got good karma. Seems our rig will be one of the final three. Amazing.
Hate to self promote, but my blog has sadly portended this for some time. We will never see $100 a barrel oil again in my lifetime. Fate may have conspired against the economy of China; but I promise you the Saudi’s (and OPEC) have conspired to flood the market. Their intention was to wipe out the profitability of shale drilling and they have. It goes without saying that an anemic leadership hasn’t helped.
You’ve nailed it.
Wow, pal, I really hate this for you. There are no cliches available to offer, other than to say my ear is always open. Thinking of you, my friend.
I hope we are one of the three. Shall see.