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We dodged a slowdown? – Before the attacks on the desert Kingdom

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Before the drone attacks occurred on the dictators from desert Kingdom, the U.S oil sector was on a slow-paced downwards momentum. U.S rig count was pointing towards, less drilling, thus the industry was witnessing the telltale signs of contraction in the oil sector, they were pointing towards an oilfield slowdown or even correction. Compounded with the fact of most Working-class Americans are being uneasy about the Union Workers Protest, a trade war with China and all the talk about a recession. Keep those resumes updated.

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OilField

Layoffs – ProPetro cuts almost 150 workers

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According to Reuters workers at ProPetro are on the chopping block and more could follow if crude oil prices don’t stabilize. Crude prices have been heading downward and have shown no signs of recovering. Traders have blamed Trump’s trade war with China and the slowing world economy.

ProPetro Holding Corp (PUMP.N) this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling.

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Economics

The last oilfield slump contributed in electing President Donald Trump

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The last slump in oil and gas drilling contributed to the mid-cycle economic slowdown in 2015/16, which helped fuel the political discontent that resulted in the election of populist President Donald Trump to the White House. – oilfieldforums.com

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