Oil companies about to go on a hiring frenzy

Oil companies are on the verge of digging the rigs out of the weeds and wiping the dust off them. Oil companies said when oil hits $60 a barrel, it’s game on.

Each rig that is set into production creates about 200 jobs. We are talking about the positions that comes along with rig operation. From moving the rigs, to running the rigs, hauling water and sand to the rigs for fracking, anything basically that has to do with drilling and production work. After the rig has finished drilling the flow back operators come in and get the well flowing. A frack team consists of several employees. The frack team gets the well flowing, then when everything is finished with the process the next crew comes in.

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The new magic number in the oil industry is $50.

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BP Plc, rig-owner Nabors Industries Ltd. and explorer Pioneer Natural Resources Co. all said in the past 24 hours that prices above $50 will encourage more drilling or provide the needed boost to cash flow. With oil bouncing close to $45 a barrel, an industry that has been shaving costs to stay competitive is ready for signs of stability at a price level less than half of 2014’s average.

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Iran Getting In The Way Of Oil Price Recovery

Here's Why The Oil Bust Will Turn Into A Massive Oil Boom
The Texas Oil and Gas Industry is gearing up for a massive oil boom. It’s the moment we’ve all been waiting for. Who wants an oil job? You want to work? You got it. There’s about to be more oil jobs available than you’ve ever seen before.

The price of crude oil is steadily rising each day. We’ve passed the bottom and are now on the way up, and there’s no stopping it, not even Saudi Arabia this time. The Texas Oil and Gas Industry is about to go into an all out oil boom. What’s this mean? This means those of you that want to work will have a job wherever you want. The state of Texas is already preparing for a massive oil boom. It could very well make the previous one look like it was just a practice run for what’s about to happen.

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Gary Shilling has re-upped his bold forecast for oil to fall to $10 a barrel.

OPEC oil cartel members and nonmembers, who collectively pump out about half the world’s oil, met in Doha, Qatar, on Sunday to try to agree on production limits. The aim was to provide a boost to oil prices.

However, it all ended without an agreement, in part because Saudi Arabia was not willing to sign anything without Iran on board.

Shilling first made this call in an op-ed published more than a year ago.

And right after the failed producers’ meeting in Doha on Sunday, Shilling thought he’d remind us of where he sees oil going.

Right after the futures market opened on Sunday, West Texas Intermediate crude fell nearly 7% to about $37.61 a barrel. Prices recovered a bit on Monday.

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A meeting of oil-rich countries in Qatar that had been expected to boost crude prices by freezing production fell apart Sunday as Iran stayed home and vowed to increase its output despite threats by Saudi Arabia.

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Oil prices, which hit a 12-year low in January by dipping under $30 a barrel, had risen above $40 in recent days, buoyed by the bullish talks surrounding the Doha summit.

But instead of a quick approval of a production freeze, the meeting of 18 oil-producing nations saw hours of debate and resembled the dysfunction of an unsuccessful meeting of the Organization of the Petroleum Exporting Countries in December that sent oil prices tumbling.

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