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[knothead]

Quite true... I neglected to mention hydro, which supplies about 7% of the U.S. total. Not a very big piece of the total pie down here in the south, but quite significant out west and up north in certain areas. I would think its price would be totally independent of oil... apparently oil accounts for a mere 1% of US electric power production anyway, and there shouldn't be any correlation nor justification for price moves like that.

I found this info from http://www.eia.gov/tools/faqs/faq.cfm?id=427&t=3 :

In 2013, the United States generated about 4,058 billion kilowatthours of electricity.  About 67% of the electricity generated was from fossil fuel (coal, natural gas, and petroleum), with 39% attributed from coal.

In 2013, energy sources and percent share of total electricity generation were:

Coal 39%
Natural Gas 27%
Nuclear 19%
Hydropower 7%
Other Renewable 6%
Biomass 1.48%
Geothermal 0.41%
Solar 0.23%
Wind 4.13%
Petroleum 1%
Other Gases < 1%


I also didn't mention nuclear, which is 1/5 of the total US production... even though we haven't built a new nuke plant in decades. I personally think nuclear is something we should be doing more of... provided it's done correctly. But I've also read that most US nuke fuel has been coming from old dismantled Soviet nuclear warheads for many years, governed by an agreement that will run out soon.

Ken

interesting percentages...and we're generating more wind power than petro! We are seeing hundreds of wind blades being imported thru our shipping ports bound for the West Texas wind farms.

[Bromebe]

As the man says, "depending on where you live"


I was in Midland / Odessa in September last year
Paid $325.00 for a hotel room at Motel 6
breakfast cost me almost $20
pulling out onto a main road was like playing Russian Rulet! with all the oilfield trucks,
stood in line for almost 30 minutes at the 7/11 to buy a drink
and
now, I'm sure it's back to the way it was two or three years ago!
a dog could lay in the middle of a intersection for hours and not have to move!

[greglyon]

reg $1.73 or $1.69 cash in Phoenix
loyalty cards provide a 20-40 cent/gallon discount 

[Dr.D]

Well hear are my uninformed thoughts.

I have always been suspicious of gas prices. I see it go up and down several cents a day for days which the same damn gas in the underground tank that the owner bought a month ago. Price change every tank i can see but same gas different price reeks of false pretenses.

I live in coal country and Obama needs to stay the F--k up there with people who like his kind.

Electric cars burn coal, period.

The tax on gas can be above .40 per gallon and I purchase it with after tax dollars so that constitutes an illegal double taxation.

Gauntlet down lets bitch.

[FLSTFI Dave]

Big layoffs have been announced.  Baker Hughes laying off 7000 people.  Schlumberger announced plans to cut 9,000 employees.  Several others laying off. These are just the service companies, not even counting the drilling companies.    http://www.usatoday.com/story/money/2015/01/20/baker-hughes-latest-hit-by-oil-slump-to-lay-off-7000/22042433/ 

These are only the direct hits, many more jobs will be hit as a result of these layoffs in may industries, such as hotels, restaurants, transportation and so on.

I have been hit hard by it, about 35% of my total compensation is gone.  This is the company no longer putting 10% of my base into my 401K, 10% pay cut, and loss of my retention bonus.  That bonus was 20% of my income for the last 8 years.

[knothead]

Big layoffs have been announced.  Baker Hughes laying off 7000 people.  Schlumberger announced plans to cut 9,000 employees.  Several others laying off. These are just the service companies, not even counting the drilling companies.    http://www.usatoday.com/story/money/2015/01/20/baker-hughes-latest-hit-by-oil-slump-to-lay-off-7000/22042433/ 

These are only the direct hits, many more jobs will be hit as a result of these layoffs in may industries, such as hotels, restaurants, transportation and so on.

I have been hit hard by it, about 35% of my total compensation is gone.  This is the company no longer putting 10% of my base into my 401K, 10% pay cut, and loss of my retention bonus.  That bonus was 20% of my income for the last 8 years.

sorry to hear your pain Dave, I'm feeling it as well in my sector, our sales are down 60% YTD... I want to pay $4 bucks a gallon!

[DesertHOG]

Big layoffs have been announced.  Baker Hughes laying off 7000 people.  Schlumberger announced plans to cut 9,000 employees.  Several others laying off. These are just the service companies, not even counting the drilling companies.    http://www.usatoday.com/story/money/2015/01/20/baker-hughes-latest-hit-by-oil-slump-to-lay-off-7000/22042433/ 

These are only the direct hits, many more jobs will be hit as a result of these layoffs in may industries, such as hotels, restaurants, transportation and so on.

I have been hit hard by it, about 35% of my total compensation is gone.  This is the company no longer putting 10% of my base into my 401K, 10% pay cut, and loss of my retention bonus.  That bonus was 20% of my income for the last 8 years.

Sorry to hear this Dave. Same thing happen in the Aerospace company I work at about 6 yrs ago. No layoffs but 10% pay-cut, 401k match reduced 50% (still not fully restored), no raises, bonuses very in company stock that only matured in 3 yrs assuming your stayed on. Was a slow road back. Would not like to be there again. Feel for you and yours.

Simon

[FLSTFI Dave]

Thanks Simon and Knotted.

I count my blessings in this, I am not one of the ones being Laid off like Schlumberger and Baker People.  I still have a job, and I can live on what I make with the pay cuts.  Even if lay offs come in my company Maintenace is one of the last to ever go.  Even if the ship stops drilling, it has to be maintained while at anchor or sitting on DP.  So I do count my blessings.  Also the industry has been though this before and rebounded.

I feel it will be a year or two of pain, and it will rebound. 

[ultrarider123]

Even if lay offs come in my company Maintenace is one of the last to ever go.  Even if the ship stops drilling, it has to be maintained while at anchor or sitting on DP.  So I do count my blessings

The ray of sunshine in this downturn for you, Dave, and as you stated, it's just a down turn for a while.  I, like you, feel for those that aren't so lucky.

It's soapbox time for me here:
While I am happy for the cheap gas, I'm just about to my limit on everyone spouting the notion that this is a "pay raise" for families.  Has nobody noticed the cost of healthcare lately?  Any "extra" money coming from the less expensive gas will be going to healthcare costs that have skyrocketed and that's true whether it's a company benefit or you get your insurance through the affordable care act.  So next time somebody makes the statement "this cheaper gas means more money in the family budget", point them to your insurance rates and costs and set the record straight.
Rant completed.....

[smkymtnboy]

 my take on the gas prices. almost all the statements made in this thread are true on both sides. I do feel for you guys working in the energy related fields. I being on the other side took the same hit when the oil prices jumped then jumped again.my fuel costs went from 600-700 a day to 1300 to 1440 per day almost overnight. ouch! that's per day.and it got worse from there. layoffs, pay cuts for some really good men.!it was a grim depressing time. so yes, I do feel you guys pain. Bottom line no matter what!! political intervention from any point in the world is not good. You cannot beat free enterprise! oil got expensive. gold got expensive. beef got expensive. all of those commodities will get cheaper. then the cycle starts over again and again. supply and demand. oil companies can try to influence prices. that to is only temporary. this energy at cheap prices will pass. the oil companies are not the problem. the problem is so many good folks associated with oil related jobs will suffer. put yourselves in a good position to weather the storm. the sun will shine again on the energy fields.is it time to buy oil related investments. most likely!! would you want to buy them when they were sky high. most pay good dividends while you position yourself til share prices appreciate for your investment. good luck to all you guys in the energy related fields,things will turn around. I do not care what the sheik or whatever he calls himself says about 100.00 oil a thing of the past. he is wrong! my costs have dropped due to cheaper fuel. guess its time for me to prepare and position myself for the oil price increase that will come. and it will come. nobody, has to agree just think about it.

[smkymtnboy]

Quite true... I neglected to mention hydro, which supplies about 7% of the U.S. total. Not a very big piece of the total pie down here in the south, but quite significant out west and up north in certain areas. I would think its price would be totally independent of oil... apparently oil accounts for a mere 1% of US electric power production anyway, and there shouldn't be any correlation nor justification for price moves like that.

I found this info from http://www.eia.gov/tools/faqs/faq.cfm?id=427&t=3 :

In 2013, the United States generated about 4,058 billion kilowatthours of electricity.  About 67% of the electricity generated was from fossil fuel (coal, natural gas, and petroleum), with 39% attributed from coal.

In 2013, energy sources and percent share of total electricity generation were:

Coal 39%
Natural Gas 27%
Nuclear 19%
Hydropower 7%
Other Renewable 6%
Biomass 1.48%
Geothermal 0.41%
Solar 0.23%
Wind 4.13%
Petroleum 1%
Other Gases < 1%


I also didn't mention nuclear, which is 1/5 of the total US production... even though we haven't built a new nuke plant in decades. I personally think nuclear is something we should be doing more of... provided it's done correctly. But I've also read that most US nuke fuel has been coming from old dismantled Soviet nuclear warheads for many years, governed by an agreement that will run out soon.

Ken

anybody notice coal at 39%. Obama will not be prez forever!! Peabody energy (btu). the coal patch is ready for a nice turnaround. man, how did we get into this? this a biker forum! I am going to clean up my bike.

[PinkE]

Here in Indy today...$1.42 but it's going up today, one has already jumped to $2.19  WTF?  All of them will follow and by tonight they will all be up there.  The weekend is near...lol

[FLSTFI Dave]

smkymtnboy,

I agree with much of your post.  I obviously make my living in the oil patch.  Several years ago, 100 plus a barrel oil was to high, way to high when gas was 4.50 plus.  Hurt many people, especially truckers.  This sub 50 a barrel oil is hurting many people also, not just us oil patch, but all our suppliers, truckers, and so on.  This is to low, and will also hurt much of the country just like the greater than 100 a barrel did.

Hopefully it will find a happy medium around 70 to 80 a barrel.

My fear is if Saudi is correct and they will keep out put up, driving many small to medium drilling and oil companies out of business, then Supply will go way down, demand will go way up in relation and it will sky rocket because there is no reserve capacity for drilling or production.

I also believe many will make some bad decisions due to the cheep gas.  They will by much larger vehicles and much less fuel efficient, the when gas sky rockets, which it will, end of this year or two years, these folk will not be able to fill them up at 4.50 a gallon.

[smkymtnboy]

smkymtnboy,

I agree with much of your post.  I obviously make my living in the oil patch.  Several years ago, 100 plus a barrel oil was to high, way to high when gas was 4.50 plus.  Hurt many people, especially truckers.  This sub 50 a barrel oil is hurting many people also, not just us oil patch, but all our suppliers, truckers, and so on.  This is to low, and will also hurt much of the country just like the greater than 100 a barrel did.

Hopefully it will find a happy medium around 70 to 80 a barrel.

My fear is if Saudi is correct and they will keep out put up, driving many small to medium drilling and oil companies out of business, then Supply will go way down, demand will go way up in relation and it will sky rocket because there is no reserve capacity for drilling or production.

I also believe many will make some bad decisions due to the cheep gas.  They will by much larger vehicles and much less fuel efficient, the when gas sky rockets, which it will, end of this year or two years, these folk will not be able to fill them up at 4.50 a gallon.

hey dave! I think you may be right!! the Saudis may pump at 50 bucks a barrel, but I do not think the rest of world will follow at least very much longer.do not know what company employs you. you might consider investing in their shares. do not know whether it will take a year or two , but you will probably not regret it. the world will need oil and lots of it. your industry is in a slump why not take advantage of it!!

[r0de_runr]

$1.64 for regular.

Marble Falls Texas yesterday.

And its the Hill Country.

And it's a rear round riding season.