Yeah. Well they did. My step dad, my two brothers, my sister, and my 3 brother-in-laws all got laid off. They know how it goes and should have saved more. When government's get involved in setting prices this is what happens. I heard Saudi Arabia and Russia finally agreed on a price cap so maybe their jobs will come back. I have mixed feelings about the whole situation though. I believe in the free market so i would prefer opec to be dissolved and the government stay out of the way, but in that scenario oil would always be below $50 a barrel and my family probably would have never worked in the industry because it wouldn't be worth fracking. We could just import it from the middle east or Venesuala where they don't need to frack cheaper.
If we had free market in the oil industry, I think the prices will be higher due to oil companies now having to go off shore to find oil which is costly. Even fracking require oil prices to be at least $60.
Would they go up? You don't think we would just get it from countries that don't have to frack or go offshore? They still have tons in Venezuela, the Balkin's and other places.
Sorry to hear that. Your family work in the oil industry?
Yeah. Well they did. My step dad, my two brothers, my sister, and my 3 brother-in-laws all got laid off. They know how it goes and should have saved more. When government's get involved in setting prices this is what happens. I heard Saudi Arabia and Russia finally agreed on a price cap so maybe their jobs will come back. I have mixed feelings about the whole situation though. I believe in the free market so i would prefer opec to be dissolved and the government stay out of the way, but in that scenario oil would always be below $50 a barrel and my family probably would have never worked in the industry because it wouldn't be worth fracking. We could just import it from the middle east or Venesuala where they don't need to frack cheaper.
If we had free market in the oil industry, I think the prices will be higher due to oil companies now having to go off shore to find oil which is costly. Even fracking require oil prices to be at least $60.
Would they go up? You don't think we would just get it from countries that don't have to frack or go offshore? They still have tons in Venezuela, the Balkin's and other places.