THERE IS ONLY ONE OTHER TIME IN HISTORY…..

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Posted on 22nd January 2015 by T4C in Economy |Politics |Social Issues |Technology

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…..when we have seen an oil price crash of this magnitude.

That was in 2008, just before the greatest financial crisis since the Great Depression.

 

 

empty train station

 

12 Signs That The Economy Is Really Starting To Bleed Oil Patch Jobs
By Michael Snyder, on January 20th, 2015

The gravy train is over for oil workers. All over North America, people that felt very secure about their jobs just a few weeks ago are now getting pink slips. There are even some people that I know personally that this has happened to. The economy is really starting to bleed oil patch jobs, and as long as the price of oil stays down at this level the job losses are going to continue. But this is what happens when a “boom” turns into a “bust”. Since 2003, drilling and extraction jobs in the United States have doubled. And these jobs typically pay very well. It is not uncommon for oil patch workers to make well over $100,000 a year, and these are precisely the types of jobs that we cannot afford to be losing. The middle class is struggling mightily as it is. And just like we witnessed in 2008, oil industry layoffs usually come before a downturn in employment for the overall economy. So if you think that it is tough to find a good job in America right now, you definitely will not like what comes next.

At one time, I encouraged those that were desperate for employment to check out states like North Dakota and Texas that were experiencing an oil boom. Unfortunately, the tremendous expansion that we witnessed is now reversing

In states like North Dakota, Oklahoma and Texas, which have reaped the benefits of a domestic oil boom, the retrenchment is beginning.

“Drilling budgets are being slashed across the board,” said Ron Ness, president of the North Dakota Petroleum Council, which represents more than 500 companies working in the state’s Bakken oil patch.

Smaller budgets and less extraction activity means less jobs.

Often, the loss of a job in this industry can come without any warning whatsoever. Just check out the following example from a recent Bloomberg article

The first thing oilfield geophysicist Emmanuel Osakwe noticed when he arrived back at work before 8 a.m. last month after a short vacation was all the darkened offices.

By that time of morning, the West Houston building of his oilfield services company was usually bustling with workers. A couple hours later, after a surprise call from Human Resources, Osakwe was adding to the emptiness: one of thousands of energy industry workers getting their pink slips as crude prices have plunged to less than $50 a barrel.

These jobs are not easy to replace. If oil industry veterans go down to the local Wal-Mart to get jobs, they will end up making only a very small fraction of what they once did. Every one of these jobs that gets lost is really going to hurt.

And at this point, the job losses in the oil industry are threatening to become an avalanche. The following are 12 signs that the economy is really starting to bleed oil patch jobs…

#1 It is being projected that the U.S. oil rig count will decline by 15 percent in the first quarter of 2015 alone. And when there are less rigs operating, less workers are needed so people get fired.

#2 Last week, 55 more oil rigs shut down. That was the largest single week decline in the United States in 24 years.

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THIS IS/WILL BE DIFFICULT TO WATCH

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Posted on 22nd January 2015 by T4C in Economy |Politics |Social Issues |Technology

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Gravy Train Derails for Oil Workers Laid Off in Slump

By David Wethe

Jan 15, 2015

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The first thing oilfield geophysicist Emmanuel Osakwe noticed when he arrived back at work before 8 a.m. last month after a short vacation was all the darkened offices.

By that time of morning, the West Houston building of his oilfield services company was usually bustling with workers. A couple hours later, after a surprise call from Human Resources, Osakwe was adding to the emptiness: one of thousands of energy industry workers getting their pink slips as crude prices have plunged to less than $50 a barrel.

“For the oil and gas industry, it’s scary,” Osakwe said in an interview after he was laid off last month from a unit of Halliburton Co. (HAL), which he joined in September 2013. “I was blind to the ups and downs associated with the industry.”

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PROTECT & SERVE

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Posted on 22nd January 2015 by Administrator in Economy |Politics |Social Issues


QUOTE OF THE DAY

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Posted on 22nd January 2015 by Administrator in Economy |Politics |Social Issues

“[He] had mastered the handy technique of protective rationalization, and he was exhilarated by his discovery. It was miraculous. It was almost no trick at all, he saw, to turn vice into virtue and slander into truth, impotence into abstinence, arrogance into humility, plunder into philanthropy, thievery into honor, blasphemy into wisdom, brutality into patriotism, and sadism into justice. Anybody could do it; it required no brains at all. It merely required no character.”

Joseph Heller

JOURNEY TO THE GOY-ZONE

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Posted on 21st January 2015 by T4C in Economy |Politics |Social Issues

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Gilad is also a writer for Veterans Today. I like him.

goy

 

A Personal Note On Jewish Statistics
January 19, 2015 / Gilad Atzmon

 

The British political establishment is in a state of panic. A poll revealed last week that “a quarter of Jews in Britain have considered leaving the country in the last two years and well over half (58%) feel they have no long term future in Europe.” This could be a potential disaster for British political parties. Eighty per cent of the Tories are members of the pro Israeli lobby, The Conservative Friends Of Israel (CFI), and a similar percentage of Labour and Libdem MPs have vowed their allegiance to Israel through their respective Jewish Lobby groups. The Jews are clearly a vital source of funding for British politicians. In fact, it has become hard to imagine what British politics would look like without Jewish Lobby’s money. Though the vast majority of British MPs are friends of Tel Aviv and Jerusalem, it has not been established how many of our MPs are friendly with Manchester and Hartlepool.

Apparently a recent poll found that anti-Semitic beliefs are widely prevalent among the British public with 45 percent of Britons agreeing with at least one of these ‘anti-Semitic’ sentiments: a quarter of Britons believed “Jews chase money more than other British people,” one in six agreed that “Jews think they are better than other people” and “Jews have too much power in the media.”

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The Dire State of Our Nation (What You Won’t Hear from the Politicians)

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Posted on 21st January 2015 by Administrator in Economy |Politics |Social Issues

Guest Post by John W. Whitehead

“As nightfall does not come at once, neither does oppression. In both instances, there is a twilight when everything remains seemingly unchanged. And it is in such twilight that we all must be most aware of change in the air – however slight – lest we become unwitting victims of the darkness.” Supreme Court Justice William O. Douglas

No matter what the politicians say about how great America is and how we, as a people, will always triumph, the fact is that the nation seems to be imploding.

Despite the dire state of our nation, however, you can rest assured that none of the problems that continue to plague our lives and undermine our freedoms will be addressed by our so-called elected representatives in any credible, helpful way, and certainly not during a State of the Union address.

Consider the following facts:

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THE FUTURE OF YOUR 401K

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Posted on 21st January 2015 by Administrator in Economy |Politics |Social Issues

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FIRST DO NO HARM

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Posted on 21st January 2015 by Administrator in Economy |Politics |Social Issues

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Restate of the Union

17 comments

Posted on 21st January 2015 by Administrator in Economy |Politics |Social Issues

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Guest Post by John Stossel

President Obama sure is consistent. His State of the Union address sounded like his other speeches: What I’ve done is great! America is in a much better position. We’ve created a manufacturing sector that’s adding jobs. More oil is produced at home. I cut deficits in half!

Give me a break. The deficit is lower now not because of any prudence on Obama’s part but merely because the $800 billion stimulus spending blowout didn’t continue. All the president does is increase spending: free community college, free Obamaphones, free birth control, etc. Yes, our annual deficit is lower, but it’s still $488 billion! Our $18 trillion national debt increases by $3 million every minute!

Yes, more oil is produced at home, but that’s in spite of the administration. Oil production is down on public land.

Yes, the manufacturing sector added jobs, but that’s mostly because of cheaper natural gas created by fracking, which Obama’s cronies opposed. Also, America is finally recovering from recession. Obama’s policies probably slowed that recovery.

Does the President delude himself when he takes credit for oil production, lower deficits, etc.? Or does he mislead on purpose? I don’t know.

More recently he bragged, “I created the lowest unemployment rate in years.” He created it? He must know it’s “low” only compared to the 10 percent reached during the recession — and because millions have simply given up looking for work. This recovery is the slowest in 70 years.

If Obama gave the State of the Union address I’d like to hear, he’d say this:

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