recession in Alberta
04-01-2009, 04:47 PM
#316
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The drilling follows the supply and demand curve. Right now all the big storage facilities are topped up. There is no need for oil, so no one is drilling. Even natural gas is weaking. The last few years were too crazy to use a baselines. I think I read somewhere that there enough oil in storage to last for almost a year, if all the supply stop today. That fact doesn't help us and then they have some really huge oil tankers sitting full waiting to go to America. I also read in this morning Herald that China and Russia are going to dump some of their US bonds to drop the USD value prior to the G-20 summit, just to get point across who's in charge these days
So unless we change direction on were the oil goes, its gonna remain in the ground.
China has around worth of $700 billion US bonds, so...
So unless we change direction on were the oil goes, its gonna remain in the ground. China has around worth of $700 billion US bonds, so...I heard about this months ago about the US bonds and how China could cripple North America...I didn't how true it was...but now its out..
04-01-2009, 06:12 PM
#317
It is funny how no one asked much about all the foreign companys buying up North Amercian Oil field companys along with mineral rights. They had lots of money and everyone wanted lots for what they had. Now we are at the mercy of foreigners for our own resources.
The worst thing I can think of is we got greedy, in getting greedy we shot ourselves in the foot in reguards to our products. We sold out to the highest bidder because it meant more money for us in the short term.
Right now we are paying the price for that.
What we need is a few years of oil at $40 or so a barrell.
It was not to long ago that $40 a bbl was a good price and things were busy as heck here in Western Canada and down in the US. Now with the quick rise to unsustainable pricing and the quick drop (because the remainder of the world could not pay the price) we have been stricken with our own greed.
Only time will tell how we all will fare out in the situation, I just hope it picks up to about a 250-300 Rig count on the Drilling side, and a 3-400 on the service side. If a person cannot make a living with that then they are in lots of trouble.
If one has to they may have to move to find work. out East is picking up nicely.
The worst thing I can think of is we got greedy, in getting greedy we shot ourselves in the foot in reguards to our products. We sold out to the highest bidder because it meant more money for us in the short term.
Right now we are paying the price for that.
What we need is a few years of oil at $40 or so a barrell.
It was not to long ago that $40 a bbl was a good price and things were busy as heck here in Western Canada and down in the US. Now with the quick rise to unsustainable pricing and the quick drop (because the remainder of the world could not pay the price) we have been stricken with our own greed.
Only time will tell how we all will fare out in the situation, I just hope it picks up to about a 250-300 Rig count on the Drilling side, and a 3-400 on the service side. If a person cannot make a living with that then they are in lots of trouble.
If one has to they may have to move to find work. out East is picking up nicely.
04-01-2009, 07:00 PM
#318
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I really don't think it's as bad as the media claims. There is still a decent amount of job postings, sure there use to be a ton (to many) but now it is more normal. It is not good to have to many jobs out there, it was crazy how easy people could skip between jobs.
Housing project we were suppose to do and got stopped is still going ahead this year, they are just not doing as many as they hoped, but still 2 or 3 times last year, so still a lot of work. But even when it was boom the media still put a bad spin on it
Trades can't be hurting to bad, none of them have lowered prices from last year yet, wonder why they aren't busy!
I don't see a problem with the current economy at all I know I will have more hours then I want until I go back to school because I highly doubt my company will be able to find workers this year like any other year, but if people keep staying worried and things stay cheap i'm happy
Housing project we were suppose to do and got stopped is still going ahead this year, they are just not doing as many as they hoped, but still 2 or 3 times last year, so still a lot of work. But even when it was boom the media still put a bad spin on it
Trades can't be hurting to bad, none of them have lowered prices from last year yet, wonder why they aren't busy!
I don't see a problem with the current economy at all I know I will have more hours then I want until I go back to school because I highly doubt my company will be able to find workers this year like any other year, but if people keep staying worried and things stay cheap i'm happy
04-01-2009, 07:22 PM
#319
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Ya this stuff just feeds on itself. How much can you really listen to, until you just turn it off? News and the paper just focus to much on little items, and make them into something that its not.
04-01-2009, 07:31 PM
#320
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Yep, for the past two years it was a labour shortage and how everything is so pricy, now it's everyone is loosing their jobs, homes, etc. They wouldn't want to be somewhat positive.
I think it would be a good thing to see some of these crooked business like car dealerships go under! I know I was happy and not suprised to see Take it Offroad go under this summer, they didn't know how to run a business....
I think it would be a good thing to see some of these crooked business like car dealerships go under! I know I was happy and not suprised to see Take it Offroad go under this summer, they didn't know how to run a business....
04-01-2009, 09:59 PM
#321
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True Mike....The media may over do it....How about the news that comes direct from people that work in these different companies?I remember the media predicting this credit crunch 4 years ago and no one listened.
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