Starry Night
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- May 7, 2008
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Yes the oil/gas industry is suffering:West Texas Report - I am home from having to buy new tires and getting an oil change. In normal times those two things would take 4-5 hours because of busy businesses. It took me an hour and 18 minutes. That is how bad the new oil/gas economy and the Virus are hurting businesses out here in the Oil Patch....... Everyone was practicing safe distancing except two people I saw.Only one mask and gloves being worn seen.......Stay safe and prepared to the best of your abilities, folks.....moo
Tens of thousands losing jobs as coronavirus and an oil war slam shale fields
"Announcements are starting to trickle in. Drilling service company Canary LLC cut 43 workers last week. Recoil Oilfield Services laid off 50 workers after the water-transfer company lost all of its work with shale giant EOG Resources Inc. But the biggest blow so far came from Halliburton Co., the world’s dominant fracking-services provider, which said this week it would furlough 3,500 workers at its Houston headquarters.
The cutbacks follow a precipitous drop in the price of West Texas Intermediate, the U.S. benchmark crude, falling to as low as $20.06 this week from $52.05 just one month ago.
While workers in just about every industry are threatened by the economic slowdown, few are more at risk than those in the oil patch. The Midland-Odessa region of West Texas, where Occidental Petroleum Corp. and Parsley Energy Inc. have dominated, could be decimated, according to a report from the Brookings Institution. More than 40% of Midland’s workforce is in high-risk industries, mostly oil and gas, the highest of any region in the U.S., it said. Overall, the services workforce today stands at about 316,000, down about 30% from its peak in 2014."