Have anyone in your family or you, have been affected by the loss of jobs due to the falling price of oil?

2016-01-16T17:41:23-05:00

https://www.youtube.com/watch?v=lX1jn_ViAgw

Both the stock markets of Canada and the USA had a major correction since the new year. The Canadian Dollar was 93 cents of a U.S. Dollar 15 months ago. Yesterday,it was at 69 cents. The Alberta Provincial Government has used up its 5 billion dollar surplus in 2015 and oil royalties are down about 70%. How has it affected you?

There are large job losses in Canada especially around the oil sands area. I have heard my boss talk about a neighbor who is selling his house, his boat and new car and looking for work after losing his job in the oil industry. Have you seen the same in Texas, North Dakota or elsewhere were there was an oil boom until recently? We could buy oil from Canada instead of countries like Iran and Saudi Arabia that execute people like we eat cookies.. Let us hope the next administration works with Canada to lay the ground work for approving a pipeline since prices will eventually go up once most oil companies shut down production and prices stabilitze. In the meantime, human suffering in the energy sector and this will affect car dealerships, real estate markets and the general economy. What are your thoughts?

Low Oil Prices - history channel documentary - Oil Price - Oil US - Oil Price Trends

Low Oil Prices - history channel documentary - Oil Price - Oil US - Oil Price Trends https://youtu.be/lX1jn_ViAgw I created this video with the YouTube Video...

Response by MCPO Roger Collins made Jan 16 at 2016 6:04 PM

2016-01-16T18:04:31-05:00

Costs half as much to fill up my tank, and loses about 10% on my investments in the short term. I'd rather pay more for the fill up. Never understand why cheap oil translates into a loss to the economy. It would seem all that discretionary cash would increase spending by the population and increase the investments. I suppose if you are heavily invested in oil, it makes sense.

Response by SGT Private RallyPoint Member made Jan 16 at 2016 6:40 PM

2016-01-16T18:40:55-05:00

One of my sons is a salesman for oil field pipe. He's still employed, but he isn't selling any pipe, so his commission check is nil. We are helping them out by keeping their two year old daughter so they don't have to pay $600 a month child care. They keep telling him he will not lose his job. If he does, I don't know what they will do.

Response by PFC Carl Willmon made Jan 16 at 2016 10:09 PM

2016-01-16T22:09:56-05:00

while I still have my job they have cut our yard from 36 employees to 20 and the drivers took a 25% pay cut. I haul the crude oil from the wells to the pipeline

Response by PFC Al Sethre made Jan 17 at 2016 10:31 PM

2016-01-17T22:31:58-05:00

I live in North Dakota, and there have been thousands of layoffs over the past year. Most left the state to search for other work, but some have stayed and the transition houses are overfilled. The state has had to adjust their budget outlays several times. At least the drugs and human trafficking can finally be addressed, meaningfully.

Response by 1SG Private RallyPoint Member made Jan 17 at 2016 11:09 PM

2016-01-17T23:09:45-05:00

Informative video, although very long. These issues have impacted our investments very heavily. Just glad I'm not under the new retirement plan.