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Coffee Shop
This makes me smile..
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<blockquote data-quote="Craig Miller" data-source="post: 1207635" data-attributes="member: 19296"><p>The reason the oil is so low is because of the success we have had in drilling the shale plays here in America. Right now there is a surplus of about 3-4 million barrels perday being produced. OPEC has decided they will not cut production in order to stabilize the prices because normally when they do something like that Saudi takes the biggest hit due to the fact that they cut their production but the other countries cheat a little. So Saudi has decided they will not cut prodution but will let the free market work like it is supposed to work. In the mean time we dont know how long this downturn will last but we are expecting th US to lose about 500-800 drilling rigs. Thats about 30% of US rigs.Now your talking about around 20000 jobs lost just on the rigs themselves. Then ones that are left working will be facing a 30% decrease in wages if they are lucky. So you see the "big oil" are the only ones that wont be hurt by this. Theyll pass it on down until the only one hurt is the bottom guys. Enjoy your cheap gas.</p></blockquote><p></p>
[QUOTE="Craig Miller, post: 1207635, member: 19296"] The reason the oil is so low is because of the success we have had in drilling the shale plays here in America. Right now there is a surplus of about 3-4 million barrels perday being produced. OPEC has decided they will not cut production in order to stabilize the prices because normally when they do something like that Saudi takes the biggest hit due to the fact that they cut their production but the other countries cheat a little. So Saudi has decided they will not cut prodution but will let the free market work like it is supposed to work. In the mean time we dont know how long this downturn will last but we are expecting th US to lose about 500-800 drilling rigs. Thats about 30% of US rigs.Now your talking about around 20000 jobs lost just on the rigs themselves. Then ones that are left working will be facing a 30% decrease in wages if they are lucky. So you see the "big oil" are the only ones that wont be hurt by this. Theyll pass it on down until the only one hurt is the bottom guys. Enjoy your cheap gas. [/QUOTE]
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