ND anon here. Rig count for the state has dropped from 64 to 55 in the last month, with more scheduled to be stacked out soon. To compare, when oil was around $100 our rig count was close to 200.
Schlumberger is currently on a three week furlough and laying off more senior employees.
Halliburton is resorting to underbidding smaller companies, when before they could remain expensive. My halliburton contact picked up two fracs this week from a local company.
This is a massive problem that no one is talking about. When they stop dumping prices are going to shoot through the roof not only because of OPEC's price raise but Canada's loss of oil workers. The suicide rate has skyrockets in Winnipeg and Saskatchewan. We didn't want the Keystone pipeline and now this shit is happening. Thanks Obama
What's the keystone pipeline got to do with anything but oil company executives making money? I mean, unless you own major weight in shares of an oil company, keystone had no benefit whatsoever for you.
There are good arguments for and against Keystone, but in general it is safer and more efficient to transport oil by pipeline than by train. If the oil is getting burned anyway, I would rather have it move via pipeline.
That's great, and when you can adequately compensate the average American for the use of American land to transport Canadian oil to foreign customers, you can have the pipeline. Otherwise, I have to ask, as an average American, what the fuck's in it for me?
The only reason Keystone hasn't been approved is that Warren Buffet is a huge doner to the dems and he doesn't want it built because it would mean massive losses to his railway, BNSF.
Instead he'd rather have his shit conductors blow the hell out of rural areas because they don't know how to slow down when a turn is coming up.