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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Earlie who wrote (144042)1/16/2002 10:36:49 AM
From: reaper  Read Replies (2) of 436258
 
everybody is so insanely focussed on tech that nobody seems to have noticed the just DREADFUL API's that came out last night. very bad for the E&P and service companies (OSX cleanly rejected at its declining 200 dma a couple of weeks ago; now below its 50 dma). E&P's cutting back production all over the place; land and GOM rigs sitting idle everywhere (for example, Patterson/UTI has +/- 110 of 317 rigs working right now) and crews busy watching Oprah instead of working.

would note that while everybody talks about the "energy dividend" to the consumer, it is not that clear cut. every dollar that i don't pay for natural gas or electricity, and many of the dollars that i don't pay for oil and motor gas, are dollars that are not going to Exxon-Mobile, Apache, Valero Energy, Halliburton, PG&E, whatever. there are +/- 325k people working in the "energy extraction" business (according to BLS) who make a pretty decent mean wage of $41.5k. now some number of those people are going to be out on the street looking for work (and I can assure you that an off-shore engineer won't get equivalent pay at the local Wal-Mart) plus shareholders of the energy complex seriously lose out as there is less free cash available for dividends and stock re-purchases. not exactly a zero-sum game, but the "energy dividend" is a lot less than advertised.

Cheers
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