Saudi King Abdullah dies

[Trip McNeely]

Out of curiosity, what happened in the late 70's when gas was in the two dollar range (if not higher) and then plummeted to ~.60 cents a gallon by the mid 80's? Did anything happen the same way as what's being projected now?

There have been several swings in oil pricing. That 80's period you speak of was probably the worst that it's ever been. The price of oil has been lower even than where it is now not even a decade ago. I believe in 08 it went down to the 30 range. It's just the way a worldwide commodity works. It has it's peaks and valleys. Right now I think it's a powder keg of sorts causing the price to drop. Instability, Shale revolution, People being more efficient, etc. It will come back up, but It probably wont see 100 bucks for a long time if at all. Natural Gas might aid to help a bit in stabilizing prices, hopefully for that is my bread and butter. They are finding so many uses for NG, from power plants, to petro-chemicals, which was unheard of years ago because NG was just an afterthought of oil.

[Jimbo]

I am not claiming that at all, in fact I work in the oil field. I just find it funny and hypocritical of people who are in the oil field and are complaining about people who are happy about the drop in gas prices, yet are happy themselves if prices on other goods drop. I will be the first to admit I like it when ammo, food, or other prices drop and make them cheaper for me. I don't get really excited and I am not saying "fuck that industry" (usually), but to say lower prices in general don't make me a little happier would be lying. I am not excited about the drastic drop in oil, and it being tied to so much of the economy can be a dangerous thing if it continues down, but I am not going to get mad at people for being happy at paying a little less for gas. Oil, like everything, goes up and down. Yes my job is more at risk now than the last 4 years, but that is also why I have set us up to be financially stable in the event I lose my job. If oil continues down and I get laid off, I will find another job that probably pays less, I will continue to support my family, and life will go on. I won't necessarily be happy about it, but I will not be worried; I don't have Raptor or Mustang payments.

I feel the same way and I completely understand your original point. My comment was directed more towards those that seem happy that the industry and the people it employs are in turmoil, I just used your comment as a jumping off point.

[SS Junk]

There have been several swings in oil pricing.

But were there massive layoffs in the oil field because of the plummet? If not, why?

[Trip McNeely]

But were there massive layoffs in the oil field because of the plummet? If not, why?

In the 80's? Yes tons.

[SS Junk]

I have to admit, being 16 back then and having a '66 Chev. p/u it sure was nice being able to put about a half a tank with last $5.00...

[Trip McNeely]

As bad as things can be with working for a commodity, the cool thing about the oil field is how small of a world and tight knit group it is. I have run into people here in PA, at least 3 that I worked with in the Barnett Shale 9 years ago. The same can be said for how many older people I know/met that have been in it for 30+ years and have been laid off 10's of times, but come back when it bounces back. It is unlike any other industry.

[DieselSmoke]

In the 80's? Yes tons.

I grew up in the oil fields of West Texas during that time. I remember having nice things to living on food stamps for a very long time. My father use to all ways tell me, "you'll never ride bulls and you'll never work in the oil fields".

[CexMashean]

I give zero fucks. Give me my $1 or less gas, and I'll stimulate the alcohol and gaming economy.

[Craizie]

I give zero fucks. Give me my $1 or less gas, and I'll stimulate the alcohol and gaming economy.

Monica.