Saudi announces oil war. Massive price cuts and more production coming

I'm 40, so years away from retiring...buy low, sell high...I've increased my deferral percentage.

 

Super unleaded this week for me

 

I'm going to start buying leaded gas again.

 

Anyone in the oil industry who was not prepared for another one of these shocks has no business being in the oil industry.

 

True, the ups and downs are all part of the business...but this particular situation has come at a really, really bad time. Oil companies were already starting to cut spending from the general economic downturn from the coronavirus as well as it being an election year (which usually means everyone's financial sphincters tighten up because they're worried a new president may decide to implement a bunch of new regulations). So this on top of all that makes me very, very nervous for my job and all those I work with. But the reality is there is very little I can do about it, so I'll just continue to do the best job I can and hope things work out.

 

Yuuuuup

I was let go late in 2018. I was on the front end of 8 previous layoffs having to pick names and then I got tagged a few years later.

I will never go back to the industry, it’s brutal. It’s changed drastically. It’s not your dad’s oil biz anymore.

 

Sure as hell is good while it lasts, though

It's a roller-coaster of excellence.

 

Oh I made some money, but the crap I put up with...

I also hated seeing literally 100’s of people I cared about lose everything. Most of those people needed every cent made.

Those companies couldn’t care less about anyone that worked for them. They knew there was always another who would jump into the fire.

 

Everything is a **** show. Thanks, China!

Things will recover in due time.

 

The sad thing for humanity is that this valuable resource is sitting under the control of some of the most corrupt governments on the planet (including ours).

 

Was that because of their own spending habits?

 

Nope. Most of the mechanics were paid garbage money. If you were management, finance, purchasing, planning or sales you did pretty well. Most of the people that did the worky work just weren’t taken care of like they should have been.

When the company was making money hand over fist they didn’t care how the money was spent. It really showed when things tightened up. So poorly run at the top.

 

So is it best to park your money in some type of fund that won’t lose $$, and hop back in later?

 

That's what I did after the 1st day of the sell off last week, but money markets are paying less than 1%, at least on my employers 401K.

If I still had some money invested in equities or bonds, I wouldn't be selling now, after the Dow losing 5k points but this is just me.

 

What? By plastics, do you mean a refinery (ethylene)? Generally curious cause you do realize the how that’s made right?

 

i’m in the product manufacturing sector.

 

Just remember....It will always come back around.

 

Any coincidence that Putin picked right now to push these buttons? The beginning stages of a global pandemic that's likely to be the biggest global problem since WWII? I think no and that he may be willing to tough this out for a while.

 

Feedstock prices are key.