Saudi Arabia to lower oil prices, the houston boom is over

LOL... you guys know what I meant.

 

Well, we were sure proud of our job growth. I'm not sure about rubbing anyone's nose in it other than maybe to defend ourselves when people claim Houston is a sh1tty city or something.

 

See Rick Perry.

 

It's a hard time for a lot of us.

 

Durable goods decline and Caterpillar revenue decline:

 

I thought it was all due to rick perry.

 

Brent up 3% today. Oil boom back on!

Got me some cold cuts today! Gimme some!

 

http://money.cnn.com/2015/01/23/inv...ton/index.html?sr=fbmoney012315texas0400story


This article states that Texas could go into a recession. The job growth due to the industry helped us get out of a recession.

 

That's why some of the comparisons across other industries are foolish. The O&G industry has helped stimulate the economy like no other.

 

Stimulate the economy is a bit hyperbole don't you think? Let's be honest here. I don't think the average person outside of Texas felt it that much.

Which is why when Houston boasted the great economy and job market, the rest of the country was still recovering. Hence, why Houston was such a great place to live.

Everything related to O&G is felt in extremes for Texas. The good times and the bad. That being said, this bust will be felt much harder in Texas than it will nearly anywhere else in the country.

The irony of your post is, in real terms, lower prices for oil will probably have the effect of a bigger "stimulus" to most average Americans, than O&G ever was to them.

 

US Steel possibly set to layoff 1,600. I think this number is on top of the 1300 or so they have already laid off.

And I have to post the first comment to that article from the website:

 

Yeah, places like Colorado, Pennsylvania didn't feel it.

 

Because Rick perry was in charge of lowering interest rates to a point where companies could borrow Money at will to throw at development projects?

 

Sarcasm meter broke?

 

did you check yours first?

 

Let me get back to you.

 

Ok I checked. Meter is fine; your sarcasm just sucks

 

:grin::grin:

 

Nonsense. The O&G boom helped stimulate the economy just like the tech boom or the housing boom or the banking boom or the auto boom or whatever other booms of the past. When those sectors crash, they cause recessions in the parts of the country built around them just as this may do in Texas. The big difference between energy and all those others is that when the tech or banking sectors crash, no one really directly benefits. With housing, you get a mix, with homeowners getting hurt and homebuyers benefiting. When the energy sector crashes, everyone in the country sees a direct stimulus in their pockets. A $100B annual stimulus (a conservative estimate) is the equivalent of adding 1.25 million $80k jobs, which is far greater than the amount of jobs that will be lost in the industry.

Higher input costs are never really a good thing for an economy unless exporting that input is a large piece of the economy as a whole.

 

Sometimes you're pretty sharp for a tree hugging hippie