What happens when oil prices drop to their present level of roughly $55 per barrel and with the bottoming out price still unknown - layoffs and budget cuts at various levels of the economy. Both are already being enacted and as production slows and demand increases, one can imagine prices rising again. This will be a weighty issue in 2015.
NYT: Some States See Budgets at Risk as Oil Price Falls
The Advocate: Starting layoffs, cutting budgets: Louisiana oil service companies already adjusting to falling crude prices
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2 comments:
I feel no sympathy for Texas or Louisiana etc. They've been gouging us for yrs. plus their product is the devils own liquor addicting all of us to a corrupted changed planet and our progeny to much worse and soon. In other words screw em.
I hear you but... A lot of times it's the low level workers who get the shaft. I have sympathy for them because I was a blue collar worker for a long time. Fundamentally this particular problem, low price-layoffs-budget cuts- is a microcosm of the entire world oil dependency. We cant disconnect from it because everyone is afraid of the huge economic impact.
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