So glad I left the Oil/Gas industry

Some happenings this week.

Halliburton to furlough 3,500 employees in Houston amid falling oil prices

Halliburton employs just over 50,000 people. This may not be the first round of putting labor on hold, but this was published today. They are calling this more of a temporary layoff, but this could change to a more permanent

Historic slide in oil could cost energy industry thousands of jobs

This mentions a loss of 50,000 to 75,000 jobs, Which will lead to talks of bailouts…. And apparently causing more friction in congress.

House Democrats warn against oil industry bailout

House Democrats have written letter to the Trump administration. House congressmen/women are warning the oil industry has already been offered to buy 77 million barrels of oil to help out the industry. Of course, if I had a place to store it, I’d be buying physical barrels right now too. Keep um in the old chicken barn I suppose!

OPEC and IEA warn developing countries could lose up to 85% of oil and gas income this year

I don’t even need to read that one. Sounds like they are going to say Saudis are giving everyone the finger and they want their damn market share back. They did say they were very comfortable with $30 oil. Which is total nonsense, but have no fear. They will start squirming with everyone else now that oil is at $20.

Looks like the S&P is almost pre-2017! TVIX hit 1000! I made $100 on a 1 share intra-day-trade today! who can say that. We won’t talk about the money I’ve lost on TVIX…

Oil Falls Amid Fears of Looming Global Recession Crushing Demand

I bet CNBC and Bloomberg broadcasts can’t go an hour without using the word recession right now.

Here’s How the Oil Crash Is Hitting Emerging-Market Currencies

I hadn’t thought about this. Though oil prices have fallen, currency values are falling as well for some countries buying oil. The lower valued currency is offsetting the deal they are getting for oil.

I don’t really have a point to these today, I just had some time and saw some headlines that popped out at me. Read a little of each. I did buy 2 more shares of USO at $4.50 to put me about 2% in USO.