'Man 'High On Meth, Fights Off 15 Police Officers While Masturbating'
—Huffington Post, January 3, 2020
Them Rooskies an Saudis don't know who they're messin' with!
'Murica, F*ck yeah!
Ahem. Sorry.
From MarketWatch:
If Moscow and Riyadh think they can put the U.S. shale industry out of business, they’d better think again
U.S. companies may go bankrupt, but Putin and MBS need petrodollars to keep their citizens from rioting
Picture a line of dominoes falling, one right after the other. That’s what we’re beginning to see in the U.S. oil industry, as companies go bust, thanks to the historic collapse in crude prices CLM20, 16.45%.....MUCH MORE
Another one fell Monday: Diamond Offshore DO, +13.06% filed for bankruptcy — the fifth oil company to file for protection in the last 30 days, according to BankruptcyData.com.
More are expected to follow. A recent report by the consulting firm Rystad Energy said “more than 70” firms had trouble servicing their debt with crude at $30. $30? Prices today are south of $12 on the Nymex, and a potential rebound is anybody’s guess.
One thing’s for certain: A lot of people in the once red-hot industry have already lost — or are about to lose — their jobs.
“I would expect we’ll see a 30% to 40% reduction in labor in the Permian,” the huge oil production region of western Texas and New Mexico, says Dr.Gregory Brew of Southern Methodist University, an oil historian who focuses on petroleum and its role in geopolitics and the global economy. He notes that activity in North Dakota’s Bakken formation had already been slowing down.
The history of the oil industry is one of busts and booms, of course, but the current bust is harder to analyze, given two extraordinary factors....
Also, GDP down 4.8%, DJIA up 335 F* yeah!
