WTI below $82. Ghostly Warnings of a Bust? (Austin: layoffs, business)

[Granny Fats]

Originally Posted by Rust Never Sleeps

NO! Don't buy a sticker!

Sit tight and watch. In no time you'll see those Ford King Ranch pick-ups (F-150s, 250's, 350's) SUVs, boats, jet skis, ATVs, and other toys on Craigslist Inc. The Rig Lizards moved in fast and saddled up pronto. Granny, their raison d'être was security, maintenance, and child support payments. I have some great stories from Cotulla and around La Salle County, TX. with reference to the Lizards.

Rig Lizards have a strange metamorphosis. They hatch as social butterflies. In their nymph form they transform into "Night Moths" called pupa. In boom years they swarm and metamorphosize into adult "Rig Lizards." Rig Lizards feed on an endangered species, young Dummies with money

The social consequences? It's an old story, "Marks of weakness, marks of woe."

Some call it the “Texas Miracle.” I say "oops", you can believe in miracles if you want but put your trust in facts.

Interesting remarks, Rust. I see you over on the Corpus Christi (where I am considering) forum now and again.

You are right about the spendy toys soon ending up sold for nickels on the dollar, if the decline continues. Don't know if you heard the latest, but Concho and Pioneer just announced pulling waaaaaaaay back.

[Granny Fats]

Originally Posted by ipuck

You do realize this "commodity" is one of the few in the world that is monopolized by a foreign entity, which basically set an inflated price.

What do you think the price is if OPEC is not around?

Now the monopoly no longer want to be a monopoly (at least for a while), it is back to the price it should be.

I actually thought this was long time coming, this is one of the longest run in a while.

The oil firms will found a way to make money at $50 or $40 or whatever. All the inflated price paid in platform rentals to salary just have to drop with the lower price just like a real market equilibrium would.

All the majors and many of the big wildcatters are saying "drop your prices or no dice" to their vendors -

No big fat February bonus for us.

Oil over $100 per barrel - it was inflated, indeed. BUT I think it ought to be over $100, always, because that is about the only way to get people to conserve and to think about other energy sources. No, green energy can't deliver the power of oil/gas but they should be used to the max, and new ways invented.

[Rust Never Sleeps]

Originally Posted by Granny Fats

Interesting remarks, Rust. I see you over on the Corpus Christi (where I am considering) forum now and again.

You are right about the spendy toys soon ending up sold for nickels on the dollar, if the decline continues. Don't know if you heard the latest, but Concho and Pioneer just announced pulling waaaaaaaay back.

Yes, know about Concho and Pioneer cut-backs and the Spraberry-Wolfcamp area with it's recent very bad weather.

I would be careful to consider all circumstances and possible consequences before relocating in Corpus. It's fine if you have the resources to live above the fey. If not, it's a gritty, poor parochial town.

Good luck!

[dallasboi]

As prices plunge, has Texas' oil boom gone bust?

[Granny Fats]

Lariat in Odessa just went kaput, 265 or so jobs gone. Over 200 houses put up for sale w/in a couple days in Midland-Odessa, too. Hmm.

[Philosophizer]

as someone that's interested in economics, it's interesting to watch a bust play out. Record crude inventories here in the US. I think we'll go below 40 in the next month.

[Midessan]

Originally Posted by Granny Fats

Lariat in Odessa just went kaput, 265 or so jobs gone. Over 200 houses put up for sale w/in a couple days in Midland-Odessa, too. Hmm.

My bargain hunt is under way in Midland. I have seen some price movement downwards but most seem to still be trying to hold on to last summer's prices. That's ok, I can wait nine months or a year for them accept reality.

[JoninATX]

The construction of Keystone Pipeline will help benefit Houston as well as the American economy. There's always a light even if the horizon is dark.

http://www.foxnews.com/politics/2015...senate-hurdle/

[Trainwreck20]

Keystone is already built in Texas, although there will be a few new jobs associated with its operation.

[JoninATX]

Oil prices shot up 8% today after a 7 month decline. Does that mean Oil prices are on the rise? We'll have to wait and see.

Oil surges 8 percent as U.S. rig count plunges, shorts scramble