Oil patch woes are bleak news for NM

Discussion in 'Energy' started by bluewill67, Jul 7, 2016.

  1. bluewill67
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    bluewill67 Rookie

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    By Kevin Robinson-Avila / ABQ Journal Staff Writer
    The full article is here-> Oil patch woes are bleak news for NM
    "
    The massive bleeding in New Mexico’s oil and gas industry has subsided, thanks to

    modest recovery in prices, but producers don’t expect a major comeback anytime soon.



    “Overall, the view is still pessimistic, at best,” said Gregg Fulfer, Lea County Commission chair and owner of Fulfer Oil and Cattle Co. in Jal. “People have cut back, and there are no plans that I can see to gear back up yet.”

    [​IMG]
    Oil pump jacks lie behind the fence of LINN Energy near the town of Loco Hills. Oil prices have risen in recent months, but the industry is struggling.

    That’s bad news, not just for business and government in southeast New Mexico, but for the state as a whole.

    While the decline in oil prices may have reached bottom, the state’s tax income continues to plummet. The state may be looking at a deficit of $150 million to $175 million for the new fiscal year that began Friday. That follows on the heels of spending cuts in February as part of the fiscal 2017 budget.

    “That will be tough to deal with,” said Sen. John Arthur Smith, D-Deming, who chairs the Legislative Finance Committee. “Our … reserves are now in the 3 percent range. They had typically been in the 10 percent range.”

    A deficit of that magnitude could force officials to consider a special session of the Legislature, Smith said.
     
  2. BULLDOG
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    BULLDOG Diamond Member

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    Anybody in the oil patch knows the saying Chicken today Feathers tomorrow. It's not the most consistent industry.
     
    • Agree Agree x 1
  3. Mr. H.
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    Mr. H. Diamond Member

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    No one gives a flying fuck. We here in Illinois are pumping oil out of the ground not to make ourselves money but to keep the utility paid, the employees paid, the Supervisor of Assessments paid, the support personnel paid, the insurance company paid, the service and supply companies paid...

    The irony is, we lose less money if we keep pumping as opposed to shutting down.

    Fuck you motherfuckers buying gasoline at $2.30/gallon.

    Fuck this shit.
     
  4. BULLDOG
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    BULLDOG Diamond Member

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    Quit whining. If you weren't making money, you wouldn't be doing it. You might not be making as much as you have at other times, but nobody is dumb enough to think you remain in business just to keep the workers busy. Sorry, but oil companies quit deserving any sympathy about a century or more ago.
     
  5. Mr. H.
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    Mr. H. Diamond Member

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    :fu:
     
  6. BULLDOG
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    BULLDOG Diamond Member

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    Hit a sensitive spot?
     
  7. Mr. H.
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    Mr. H. Diamond Member

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    No, just recognizing an ass when I see it.
     

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