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Old 03-08-2020, 01:55 PM
 
1,915 posts, read 3,237,060 times
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OPEC talks recently broke down with Russia and Saudi engaging in all our price war for market share. What is potential impact on Houston Energy Industry Companies and employment?

This is on top of any future Coronavirus impacts to the region.

Many companies were already planning to lay people off with oil in $50-60 range before any Coronavirus or OPEC price war concerns.

It would be devastating to hardworking Houston families to be laid off when facing a bear market, losing health insurance, simultaneously with potential Coronavirus threats.
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Old 03-08-2020, 04:22 PM
 
Location: Mo City, TX
1,728 posts, read 3,441,309 times
Reputation: 2070
It's gonna be bad, real bad. Lot's of lifted trucks will be picked up for pennies on the dollar I forecast.
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Old 03-08-2020, 06:53 PM
 
Location: Mo City, TX
1,728 posts, read 3,441,309 times
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Oil is taking a beating. A beating. 32 dollars for WTI. This is a catastrophe
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Old 03-08-2020, 08:35 PM
 
Location: Houston
3,163 posts, read 1,724,350 times
Reputation: 2645
Quote:
Originally Posted by lipbalm View Post
Oil is taking a beating. A beating. 32 dollars for WTI. This is a catastrophe
Even though Houston is considerably more diversified than in the 80s, most know someone who works in the industry. This drop does not portend well for us.
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Old 03-09-2020, 12:50 AM
 
Location: The Bayou City
3,231 posts, read 4,561,932 times
Reputation: 1467
Quote:
Originally Posted by lipbalm View Post
Oil is taking a beating. A beating. 32 dollars for WTI. This is a catastrophe
The writing has been on the wall (and in the charts) for this for quite some time, but yeah, its definitely going to put a big hamper on development around town and people working in the energy sector, especially if things really go south and oil drops below $20.
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Old 03-09-2020, 09:27 AM
 
Location: Houston(Screwston),TX
4,376 posts, read 4,616,320 times
Reputation: 6699
Quote:
Originally Posted by Hopeful for Life View Post
Even though Houston is considerably more diversified than in the 80s, most know someone who works in the industry. This drop does not portend well for us.
This is true. The company I work for isn’t O&G but I’d say 85% of our clients are either O&G companies or have contracts with O&G companies. Some of those companies already started laying off workers early in the year. This will definitely make things worse. Business for our company has been pretty slow because of it. So like you say, Houston is more diversified then the 80s but still heavily dependent on O&G.
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Old 03-09-2020, 11:38 AM
 
Location: Houston, TX
8,319 posts, read 5,478,374 times
Reputation: 12279
Bad times in Houston ahead. No way around it. The difference between now and 2015 is that the national economy is also turning sour. On one hand we’re all in it together. On the other hand the National economy won’t help us out.
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Old 03-09-2020, 12:12 PM
 
Location: Houston/Austin, TX
9,853 posts, read 6,566,773 times
Reputation: 6399
Quote:
Originally Posted by As Above So Below... View Post
Bad times in Houston ahead. No way around it. The difference between now and 2015 is that the national economy is also turning sour. On one hand we’re all in it together. On the other hand the National economy won’t help us out.
Exactly what I’m saying. The national economy AND the global economy are taking a hit. We were due for a recession but the corona virus is making it more severe than it was going to be.
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