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Tag Archives: oil price collapse
ConocoPhillips Fires 10% Of Global Workforce, Warns Of “Dramatic Downturn” To Oil Industry
ConocoPhillips Fires 10% Of Global Workforce, Warns Of “Dramatic Downturn” To Oil Industry Remember when the oil crash was supposed to be “unequivocally good” for the global economy and the US consumer, only for this to be disproven as the biggest macroeconomic lie since “QE is good for the people”? We do – quite vividly […]
The “Great Accumulation” Is Over: The Biggest Risk Facing The World’s Central Banks Has Arrived
The “Great Accumulation” Is Over: The Biggest Risk Facing The World’s Central Banks Has Arrived To be sure, there’s been no shortage of media coverage regarding the collapse in crude prices that’s unfolded over the course of the past year. Similarly, it’s no secret that commodity prices in general are sitting near their lowest levels […]
U.S. tight oil production decline
U.S. tight oil production decline U.S. oil production has begun to drop in response to low oil prices, but not as dramatically as many had anticipated. Oil companies have cut back spending significantly in response to the fall in the price of oil. The number of rigs that are active in the main U.S. […]
Peak Oil Ass-Backwards (part 1): PeakOil, Meet Fractional-Reserve Banking
Peak Oil Ass-Backwards (part 1): PeakOil, Meet Fractional-Reserve Banking (image by Viktor Hertz) If the ongoing crash of oil prices over the past year – and now the stock market crashes of last week – have continuously taught me one thing, that would be that I’ve got very little clue regarding the economic implications ofpeak oil. […]
GDP figures from Statistics Canada expected to show second-quarter contraction
GDP figures from Statistics Canada expected to show second-quarter contraction Lower loonie expected to boost economy in third quarter Economists say data out this week is likely to show that Canada slipped into a technical recession in the second quarter, but the contraction should be short-lived. “A number of positive elements are coming through,” said TD […]
It Just Doesn’t Matter
It Just Doesn’t Matter When an avalanche is about to descend upon you, does it really matter which snowflake was the penultimate cause? While it’s interesting (in a mental masturbation kind of way) to debate the genesis of a pending market collapse, environmental chaos, or energy cliff, in the end, it really doesn’t matter–unless, of course, […]
Canada’s Oilfield Service Sector Battered By Low Prices
Canada’s Oilfield Service Sector Battered By Low Prices In some ways the numbers don’t look that bad. For a group of 25 diversified, publicly traded Canadian oilfield service (OFS) companies, combined revenue of nearly $9 billion in the first six months of 2015 was only 22.1 percent lower than $11.53 billion for the same period […]
Alberta has lost 35,000 oilpatch jobs, petroleum producers say
Alberta has lost 35,000 oilpatch jobs, petroleum producers say With cuts more likely to come in the fall. Less than a year ago, Alberta was still complaining of a labour shortage. Schools couldn’t find bus drivers, job vacancy rates were the highest in the country. It’s no secret that the situation has changed. The Canadian Association of […]
It Gets Even Uglier In Canada
It Gets Even Uglier In Canada The Province of Alberta, the epicenter of the Canadian oil bust, may be sliding into something much worse than a plain-vanilla recession. And it’s not exactly perking up the rest of Canada. Layoffs are already cascading through the oil patch, as companies are retrenching and adjusting to the new […]
OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?
OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy? “If you are the world’s leading energy economy, you produce energy, that’s what you do.” “A government can stay irrational longer than it can stay solvent.” “Even in the short term, you’re dead, if you commit suicide.” The first quote modifies a GEICO commercial describing a free-range chicken […]
Nicole Foss Talks Energy Industry Issues and Oil Price Collapse
Nicole Foss Talks Energy Industry Issues and Oil Price Collapse Part I- Energy Industry Issues The Doomstead Diner site blurb: Coal Industry Collapse-Carbon Sequestration One of the biggest effects we see lately is a collapse in commodity prices, through all sectors. Most intriguing to me is the collapse in coal prices, since coal is used […]
Did The Fed Intentionally Spark A Commodity Sell-off?
Did The Fed Intentionally Spark A Commodity Sell-off? The intention here is the bring facts to light so the public can decide. I’m not quite sure what to believe on how and why oil prices remain more than 50 percent below free cash flow break even for most independent E&P companies. I know for sure […]
New Vehicle Sales Collapse in Canada’s Oil Patch
New Vehicle Sales Collapse in Canada’s Oil Patch Oil spills into the broader economy. Canada’s economy has split in two. The resource producing economy is deteriorating at a breath-taking pace, broadsided by collapsing commodity prices. For Canada, the most important commodity is crude oil. West Texas Intermediate has plunged below $39 a barrel, not seen […]
Deflationary Collapse Ahead?
Deflationary Collapse Ahead? Both the stock market and oil prices have been plunging. Is this “just another cycle,” or is it something much worse? I think it is something much worse. Back in January, I wrote a post called Oil and the Economy: Where are We Headed in 2015-16? In it, I said that persistent very low prices […]
The Real Long Term Threat To The Oil & Gas Industry
The Real Long Term Threat To The Oil & Gas Industry As oil prices continue their downward slide, most investors and firms are understandably eyeing prices, revenues, and exploration costs nervously. All that makes sense, as there is a good chance some oil firms will face liquidity crunches and restructuring over the next year. In […]
