It looks like the dominoes are falling. My friend's dad who works at a local steel manufacturing plant says he's worried about sizable layoffs there soon since they do most of their work servicing the oil companies. Since most of this areas large growth came from the oil industry, each oil company works in conjunction mostly serving other oil field companies; when one goes, others will have to also.The Work Adjustment and Retraining Notification Act requires companies that plan to terminate more than 100 employees alert area and state workforce services, as well as the mayor of the city where the layoffs occur. Baker Hughes did not release how many workers it still employs at its Dickinson office.
Johnson said, in his 15 years as the city commissionâ€™s president, he cannot remember receiving a similar letter.
â€œHistorically, at least for quite a while, there havenâ€™t been any layoffs of that magnitude,â€ he said.
Russ Schank, president of the American Petroleum Instituteâ€™s Dickinson Chapter, said he hears many rumors about cutbacks at different companies in the area. Some, he said, are quickly dismissed. Others turn out to be true.
â€œItâ€™s pretty much across the board,â€ he said. â€œI wonâ€™t mention anything specific, but generally speaking, thatâ€™s whatâ€™s going on. Itâ€™s pretty obvious and itâ€™s probably going to continue through the winter.â€
I'm not sure I follow. Anytime there is a minor fault at the refineries, the price of oil goes up, because the refineries can't keep up. Are the hedge fund managers and other investors that drove the price of gas at the pump up all of the sudden turn into nationalists?It's time to unleash the power of American oil | Fox News
I agree with this. What do you think @O-Tron ?
Maybe this has been brought up, I'm just to lazy to read every reply, but isn't oil suppose to be a non-renewable energy source. When I was in school the thought was that oil was the result of millions of years of decaying organic matter given the right conditions. If that theory is true, then there has to be an end to the Saudi's wells that they are pumping so much. If they know their well is decreasing, they're going to stop pumping it at these prices.......some day. The world will forever be using oil. Fueling cars is just one of the hundreds of uses for oil.