It'll be good for the economy until people realize that most of the growth after the recession was due to O&G sector. Not sure where the growth will come from now. Alternative energy is creating a lot of jobs at the moment but the salaries aren't as high. I think avg solar/wind is $21 per hour versus O&G at $43. I think its also more in installation type jobs. There's also a risk of the financial markets failing again similar to what happened in 2008 now that all this debt is coming due for the oil industry. Oil demand usually correlates with a downturn in the global economy. I don't think alternatives have replaced that demand as much yet so this could be a signal for some tough times ahead. Tech is being propped up by VC. I'm not sure how long a startup can be called a startup. I know someone who's been at a startup for 10 years and the company still doesn't make any money they just go through more rounds of funding. Not sure what will happen when the bubble bursts if it happens at the same time that O&G is down.
