N.Dakota Oil BOOM is Over

**Mr70** · #1 01-05-2016, 03:58 PM

Well that didn't take long.
Seems like just yesterday,every Tom,Dick & Harry was selling their house,flipping off their village officials and packing up the car for N.Dakota.
http://www.valleynewslive.com/home/headl...-364071411.html

markinnaples · #2 01-05-2016, 04:11 PM

I doubt these low oil prices will last forever; everything is cyclical.

**Woj** · #3 01-06-2016, 01:50 AM

After the Middle East implodes, they'll be back.

**scuncio** · #4 01-06-2016, 03:31 AM

Yep, the proper definition of a boomtown. It was a rip roaring hellhole just a couple of years ago! I remember seeing a Dateline series on this place back when oil was over $100. It completely changed the character of the town.

Got to say, that was the most poorly written, typo ridden article I've read in quite some time. Seems the journalists have also left North Dakota for greener pastures....

**COPO** · #5 01-12-2016, 06:26 PM

Cheap oil is hear to stay for at least 3 years or more. Don't be surprised to see $25 a barrel oil by mid year once Iranian oil hits the market before rising back to around $40 to $45 by year end and that's only if China's growth doesn't slow more than it already is. Shale oil technology was a game changer and the world is awash in oil. Technology will continue to improve to make shale oil profitable below $40 a barrel. US is now energy independent and will be a net exporter. Probably not good for Tesla stock unless there is a carbon tax that gets put in place.

Terry24 · #6 01-12-2016, 06:57 PM

Sort of the same here in Western PA, although, the natural gas drilling has picked up a bit, but, that won't last long either.

**whitetop** · #7 01-12-2016, 07:00 PM

I live right in the middle of Utica Marcelluss shale-Eastern Ohio and it's now a bust. Apartments for rent everywhere. RV parks are emptied out. 9 major hotels built in my town of 5000 people.

I know at least 10 people who quit decent jobs and were swooned to the $28-30 per hour oil field jobs and now they are laid off and local employers won't hire them back.

I know people who were getting $800-1000 per acre monthly royalty checks and now that has stopped. Problem is they went out and built mcmansions or hobby barns on their property and have no way to pay for it.

**TimG** · #8 01-12-2016, 08:05 PM

South/Central Texas is much the same, little towns turned into big towns. I deal with refined or downstream oil distribution and that remains consistent, actually it's busier because folks are using more refined/retail product with prices down.

**black69** · #9 01-12-2016, 09:05 PM

I heard on fox news today, they are allowing us to export oil now, so that should help. Traders from a trading floor interview said all this flooding of the market by opec is to get the weak players on our side of the pond to fold. And maybe it will work.

My brother lives in casper, wy, and he said that town was built on an oil boom back in the 70s or 80s, then it went stagnent. But everything got built up nice, so those that stayed behind benefited. It eventually got hot again in the past 5-10 yrs.

Same thing is going to be playing out all over our country more, in the next 50 yrs (boom and bust).

If the goverment was smart, and wanted to cut our debt, they could tariff the cheap oil coming in, if we dont see fair trade based on us being able to export finally.

**Mr70** · #10 01-12-2016, 11:51 PM

It continues,the Barrel fell to $30 today.
Prices not this low since 2003.
http://money.cnn.com/2016/01/12/inve...ices-below-30/