Has anybody heard about the oil field and if the rigs are gonna be put back up?

Whats going on with the Oil industry. I heard its suppost to start picking back up in august of this summer of 2009 but it don't seem like it at all. nothing is happening yet for the rigs and oil field jobs. People are still on hiring freezes and alot of people are laid off in the oil fields here in north dakota. Nothing is moving and just wondering if its really suppost to start up anytime soonHas anybody heard about the oil field and if the rigs are gonna be put back up?
No one can really tell when its coming back. Rig counts have dropped off more than 50 percent since the end of August last year.. Natural gas prices determine drilling and oilfield activity and prices are very low right now. High oil prices should stabilize the business, but it wont increase it much. It wont come back strong until natural gas prices increase, and inventories decrease. And I think thats going to be 2010 or later.. We have huge amounts of natural gas in storage and it usually increases in the summer months. With huge inventories and a weak economy I dont see the oilfield picking up significantly for a year or two. I grew up around the drilling business in several different states. So I can understand how you feel. Its always been a cyclical business. Busts happen about once a decade. It happened in the 60s, 80s and 90s. It skipped the 70s because the embargos and shortages kept prices up. We paid for it in the 80s with one of the worst busts. Some people, who had worked in the oilfield for decades left the business never to work in it again in their careers. And some of the largest and oldest companies went out of business. And a few banks. This bust is the worst since then. The oilfield isnt dead, its just dormant..





Here is an article on the subject from the Drilling Contractor magazine.





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