| oil fields shutting down/depression?
Posted: 11/20/2008 3:31:29 PM | Heard a rumor today about the oil fields shutting down in a week or so and that the houseing market is gonna crash with foreclosures galore, businesses are going to shut down and well you know the drill....not knowing anyone in the oil field occupation to inquire about the rumor or if it would really have such a profound effect........
Maybe someone here has some news ??? an educated guess??? an uneducated guess??? | |
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| oil fields shutting down/depression?
Posted: 11/20/2008 3:43:25 PM | If we are talking northern Alberta,,,the value of a barrel of oil has to be a certain price to make the gong show that is going on there worth the production. I'm thinking it was something like 80 bucks a barrel. This week all I know is that a barrel of oil is NOT 80 bucks.
You can quote me,,,,just don't believe me on the numbers. | |
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| oil fields shutting down/depression?
Posted: 11/20/2008 3:46:49 PM | pity post  get a life 
It is a question and a chance for people to put forward their thoughts....I dont have anything to do with the oil fields and my business is sound no matter what happens...oil or no oil...and I own my home...so back to the program
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| oil fields shutting down/depression?
Posted: 11/20/2008 3:51:21 PM | I heard something on the TV news recently... I didn't think it sounded quite that bad. I think it was that production is starting to slow down. It seems to me that the Albertan oilfields were known to be a limited resource (I could be wrong on that though).
There is only so much oil that's cost effective to access, or after a certain point the flow/amount decreases. ??? | |
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| oil fields shutting down/depression?
Posted: 11/20/2008 5:43:26 PM | Alberta's "Athabasca Oil Sands" contain about 1.7 trillion Barrels of Bitumen in-place, comparable in Magnitude to the World's total proven Reserves of conventional Petroleum.
Oilsands Projects need $100-a-Barrel Oil to be viable in today's high-cost Environment.
Crude Oil in New York closed at less than $55 US a Barrel on Monday.
Many Oil Projects are locked into price-fixed Contracts for many Years to come, and have been put on hold. Don't be surprised if Big Oil will be next ones knocking on the Bailout Doors to service their Contracts should Prices not go back up again. | |
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| oil fields shutting down/depression?
Posted: 11/20/2008 5:44:44 PM | Below is a table of inflation adjusted oil prices, which if you take a look shows how oil prices go up and go down on a regular basis. I wouldn't worry too much about the oil companies going bankrupt, they were still doing fine back in 98 when it was at 15.70/barrel. Today's price just happens to be around that of 2004 which wasn't that long ago and I don't remember the world ending back then.
Long live all the Chicken Little's!!!! 
Annual Average Domestic Crude Oil Prices
1949-Present
U.S. Average
(in $/bbl.)
Year Nominal Inflation Adjusted 2007
1946 $1.63 $17.66
1947 $2.16 $20.75
1948 $2.77 $24.76
1949 $2.77 $24.99
1950 $2.77 $24.74
1951 $2.77 $22.93
1952 $2.77 $22.41
1953 $2.92 $23.40
1954 $2.99 $23.92
1955 $2.93 $23.47
1956 $2.94 $23.25
1957 $3.14 $24.00
1958 $3.00 $22.33
1959 $3.00 $22.11
1960 $2.91 $21.16
1961 $2.85 $20.48
1962 $2.85 $20.24
1963 $2.91 $20.43
1964 $3.00 $20.78
1965 $3.01 $20.51
1966 $3.10 $20.52
1967 $3.12 $20.10
1968 $3.18 $19.61
1969 $3.32 $19.45
1970 $3.39 $18.77
1971 $3.60 $19.10
1972 $3.60 $20.48
1973 $4.75 $22.80
1974 $9.35 $40.67
1975 $12.21 $48.71
1976 $13.10 $49.46
1977 $14.40 $51.02
1978 $14.95 $49.27
1979 $25.10 $73.60
1980 $37.42 $97.68
1981 $35.75 $84.58
1982 $31.83 $70.91
1983 $29.08 $62.74
1984 $28.75 $59.47
1985 $26.92 $53.76
1986 $14.44 $28.29
1987 $17.75 $33.56
1988 $14.87 $27.05
1989 $18.33 $31.75
1990 $23.19 $38.02
1991 $20.20 $31.86
1992 $19.25 $29.47
1993 $16.75 $24.92
1994 $15.66 $22.69
1995 $16.75 $23.62
1996 $20.46 $28.01
1997 $18.64 $24.95
1998 $11.91 $15.70
1999 $16.56 $21.30
2000 $27.39 $34.16
2001 $23.00 $27.92
2002 $22.81 $27.22
2003 $27.69 $32.34
2004 $37.66 $42.80
2005 $50.04 $54.99
2006 $58.30 $62.11
2007 $64.20 $66.40
2008 Partial $97.98 $98.66 | |
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| oil fields shutting down/depression?
Posted: 11/20/2008 6:01:45 PM | They always slow down in the winter as do all trade jobs.
Right now there is a 25 story coal fired power plant being installed out by lake wabamun in Alberta. Its called the Keephills 3 project. April or May they're going to have the foundations done and starting with the main superstructure. I'll be heading out that way.
Alberta isn't closing down... they're just starting up. | |
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| oil fields shutting down/depression?
Posted: 11/20/2008 11:20:44 PM | This being an area of work that I will soon be involved in, I have been keeping an eye on the situation.
There are jobs that will slow down and be put on hold while demand is low, but there are SO many other projects going on that a few months of shut down is not going to have a lasting effect.
The construction of infrastructure, buildings, etc will continue even during slow down.
If I didn't show up to school each day and see at least 5 new ads printed looking for workers, I might start to get concerned. | |
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| oil fields shutting down/depression?
Posted: 11/21/2008 11:55:20 AM | I grew up in Calgary and went to school with lots of american and canadian kids whose parents were oil company owners or top execs. I remember when oil was $ 5.00 a barrel in 1973-74 but it was costing $5.50 to pull it out of the ground. The Canadian Independant Oil Producers were shoving cement down their wells rather than sell out to the Americans. The Americans were just as happy to plug along seeing how it was the only source they had(Arab Oil Embargo). I saw lots of the Canadian kids get pulled from private schools, parents cancelling country club memberships and driving around in company Vegas rather than the personal Lincoln.
This was also the time period which money changed in value. The American public was allowed to own gold which they were banned from doing since 1935 and watergate was just beginning to unravel on the social conscious of western society. You could get 6 glasses of beer for an hours worth of work(compared to 3 today at the cheapest dive).
I have been predicting this Global Financial Crisis for two years and have maintained this will be a repeat of the Carter years; ie a Democrat grass-root unknown takes over an eigh-year Republican nightmare that was bogged down by an unwanted war. Remember that one of the last things Gerald Ford had done in his last year of office was to make George Bush Sr. Director of the CIA.
My advice take any cash you have pay off as much debt as possible. Downsize your life. Share extraneous possessions with those who are less fortunate. Work and play and build your community starting with the block you live in. Helping each other now will help build the new economy that will rise out of this economic hurricane that is coming down the pipe. | |
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| oil fields shutting down/depression?
Posted: 11/21/2008 12:17:54 PM | The pig runs in yelling THE SKY IS FALLING THE SKY IS FALLING....
Do we need to perpetuate the fear mongering that is rampant right now? | |
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| oil fields shutting down/depression?
Posted: 11/21/2008 3:36:12 PM | wow...that might be a bummer for some
now if you were tell me and my friends that POF was shutting down/depressing
then the "SKY WOULD BE FALLING "
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| oil fields shutting down/depression?
Posted: 11/21/2008 3:50:39 PM | | Short of oil? Need a job? Contact the Sultan of Brunei. His government pays dang good money to any foreigners willing to work there on a contract basis. I lived there for 10 years 'cause my dad had a contract to work with the police force there. The country is RICH in oil ... and rubber too, for anyone wanting to start up a condom manufacturing business. | |
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| oil fields shutting down/depression?
Posted: 11/22/2008 2:22:11 PM | | Hmmm....my brother works in the oil fields and I know others who do as well. They haven`t heard anything but that could be voluntary on the industry`s side. | |
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