One of the other dads in my son's Scout troop works for Noble Energy. I saw him at a meeting on March 9th the day that their stock price dropped about 50%. Had to ask him "how was your day at work??" I looked again and it's only gone down more since then. He's on the natural gas side here in CO, so hopefully he can keep his job at least.Back in 1965 we got a soda anytime gas was less than a quarter a gallon. That is a bit more than $2 / gallon in 2020 dollars. This was a love / hate situation as the family business was oil drilling.
In 1965 the Texas Rail Road Commission was the "OPEC" of the day. Everyone got told how much they could produce in order to keep prices stable. This commission still exists and considering issuing its first production restrictions in decades hoping to stabilize the price of oil.
Lots of Exploration & Production companies are going broke. I get notices every week about bankruptcies, reorganizations and division orders from new entities now running the fields.
Hard times are coming to the oil patch -=- DrStrange
PS the problem with becoming a net producer of energy is low prices cost the economy more than consumers gain from low pump prices. I can empathize with folks getting excited by cheap gas, but it is not an unmitigated good deal for the USA.
Coming from a state that everyone pumps their own gas it’s wild to me that there’s states where some people have never pumped their own gas. The opposite is true I’m sure. Got to find some of those clips from the state that stopped the requirement that someone else pump your gas a few years back. Some pretty hilarious footage of first time gas pumpers