Does anyone know if the oil business in the united states is going to get better?

My husband works in the oil field and things have been really slow does anyone know if things are supposed to be picking up at all?Does anyone know if the oil business in the united states is going to get better?
Rig counts have dropped off more than 50 percent since the end of August. Natural gas prices determine drilling and prices are very low right now. High oil prices should stabilize drilling but it wont increase drilling much. We have huge amounts of natural gas in storage and it usually increases in the summer months. With huge inventories and a weak economy I dont see prices or drilling picking up significantly for a year or two. I grew up around the drilling business in several different states. So I can understand how you feel. Its always been a cyclical business. Busts happen about once a decade. It happened in the 60s, 80s and 90s. It skipped the 70s because the embargos and shortages kept prices up. We paid for it in the 80s with one of the worst busts. Some people, who had worked in the oilfield for decades left the business never to work in it again in their careers. And some of the largest and oldest drilling companies went out of business. This bust is the worst since then. It has nothing to do with fields being exhausted. Its a simple supply and demand relationship. Enhanced drilling and recovery methods keep old fields producing and new fields producing more. That and high prices in the recent past are why we have such huge supplies now. And geologists are constantly sifting through old well logs of dry holes to see if they missed something. Environmentalists have more to do with it, not allowing drilling in places like the Wyoming Range and other places. Drilling isnt dead, its just going through a normal cycle..Does anyone know if the oil business in the united states is going to get better?
Certainly oil is going to be a sure fire money maker for the foreseeable future in spite of the present downturn. My only concern would be that as easy fields are exhausted your husband might have to move to tar sand, off-shore or polar fields.





There is a need to reduce reliance on oil because it is becoming more expensive to extract (as easy fields dry up) and for climate change reasons but oil has so many vital uses employment prospects should remain good.





Best wishes
Sure. Things are slow now because oil is down on the world market. It is increasing day by day, it hit $71.00 today. When Israel attacks Iran, and we attack North Korea, oil prices will surge and those in the oil industry will see a positive benefit.
I would think so, oil is at 70 per barrel. I would expect activity to increase soon.
A friend of mine dates the daughter of a gas station operator and he says meby. Hope this helps.
Andy


They will, but what go's up must come down, and bounce back it will.
Hubby will be joining the dole cue hun. We're doing away with oil, think of the planet %26amp; all ;)