Saudi Arabia Headed To War. The country and allies are preparing to invade Syria. A reported 150,000 troops from Sunni Arabic countries have been given orders.
Just when you think things couldn’t possibly get any worse in the oil industry…..
Is the oil industry on the verge of total collapse? Is it only a matter of time before it’s all over? What if every single oilfield company shut down? With bad news coming out of the oil industry day after day, it’s starting to make a lot of folks wonder. Every day an oil company is announcing cutbacks, whether it’s layoffs, a cut in production numbers, a reduction of rigs, or even completely liquidating certain departments within their company in hopes of remaining afloat, as Trican Well Services already has. The times are dark, and the future sheds no light on the price of oil recovering any time soon.
President Obama Wages War On Oil and Gas Industry
President Obama has proposed a massive new tax on oil companies. His plan is to tax them $10 a barrel, which right now equals 33% of the total price of a barrel. Talk about kicking an industry when it’s down. His slap to the face tax plan (shakedown) will be phased in over 5 years, to pay for several transportation initiatives which includes new rail corridors, highway projects, pilot projects for self driving cars and other technologies it said fall under his exorbitant green energy vision for America.
Cheyenne, Wyo. AP – It’s been nearly 30 years since the last large scale energy bust. In 2015 Wyoming’s economy went downhill, shedding nearly 6,500 jobs most of which were related directly to the oil industry.
The mineral extraction industry is the main driver behind Wyoming’s economy, accounting for much of the state’s tax revenue. But low oil prices, more power plants switching to burning natural gas instead of Wyoming coal and new federal restrictions have depressed the state’s energy industry.
Oil Prices To Double By End Of 2016, OPEC A Nobody
There’s a bit of hope for the oilfield. Some encouraging words are swirling throughout the oilfield community, news has broken from the main man himself Harold Hamm. The CEO of the Energy company Continental Resources is calling for the price of oil to double by the end of the year. Hamm says prices will climb up into the $60 range by the end of the year, and he’s not the only guy that agrees, T. Boone Pickens is saying the same thing.