Where are all those posters who a few months ago said that the shale oil drillers would be fine with low oil prices because they had increased their efficiency?
This doesn't look like business as usual.....
And those low gasoline prices would boost the economy?
hmmmm, not really happening yet.
http://www.telegraph.co.uk/finance/...-the-whiff-of-panic-as-US-economy-stalls.html
It is clear too that the energy slump has battered the primary industrial growth engine of the Obama years. The rig count for US shale gas and oil drillers has halved to 932 since October, amounting to a job shock for Texas, Oklahoma, the Dakotas and, increasingly, Pennsylvania. More than 120,000 oil and gas workers have been laid off, and they earn double the blue-collar average.
The Fed thought that the micro-recession in the fossil states would be trumped by the oil dividend for everywhere else, given that cheaper energy acts as a tax cut and has boosted real disposable incomes by 6.2pc (annualized). The spending boom has not yet happened. People are saving the money instead.
Meanwhile Saudi Arabia in increasing its rig count and production.
This doesn't look like business as usual.....
And those low gasoline prices would boost the economy?
hmmmm, not really happening yet.
http://www.telegraph.co.uk/finance/...-the-whiff-of-panic-as-US-economy-stalls.html
It is clear too that the energy slump has battered the primary industrial growth engine of the Obama years. The rig count for US shale gas and oil drillers has halved to 932 since October, amounting to a job shock for Texas, Oklahoma, the Dakotas and, increasingly, Pennsylvania. More than 120,000 oil and gas workers have been laid off, and they earn double the blue-collar average.
The Fed thought that the micro-recession in the fossil states would be trumped by the oil dividend for everywhere else, given that cheaper energy acts as a tax cut and has boosted real disposable incomes by 6.2pc (annualized). The spending boom has not yet happened. People are saving the money instead.
Meanwhile Saudi Arabia in increasing its rig count and production.
