“The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery.” – Winston Churchill
Hard times in the oil patch. A barrel of oil closed at $31.00 Friday, down 2.3%.
Conoco Oil is down to just 13 drilling rigs operating in the entire U.S. That is about to change.
Friday Conoco announced they will cut back to just 3 operating rigs in the U.S. This coming week they will announce what drilling rigs will remain operational.
2 rigs have already been informed they will be closed. What are the odds our rig will be one of the remaining 3?
Slim I’d say.
Every worker employed on this rig – every contractor – every supplier – all know that hard times are about to slam us.
A pall of lethargy permeates the day. Hard to be enthusiastic with unemployment about to hammer you.
“In general, the art of government consists of taking as much money as possible from one party of the citizens to give to the other.” – Voltaire (1764)