Looks like a drastic price change happened overnight (as Dave predicted )
Gas Buddy seems to show a $0.02 DROP for the Indy area.
For reference, Indy prices are $1.79-$1.83 in all geographical areas around the city per Gas Buddy (which Dave hates due it showing his flaws )Here we go.
I'm sure gas here will rocket up 30 or 40 cents tonight or more.
1-14-2015
Schlumberger disclosed the job cuts as it reported sharply lower fourth-quarter earnings in the wake of a more than 50 percent fall in oil prices since June. The job cuts account for about 7.5 percent of Schlumberger's global workforce.
Schlumberger's fourth-quarter earnings came in at $302 million, down 82 percent from the year-ago level.
It's slash and burn for the Oil Industry.
Notice the rise in revenue.
1-15-2015
http://news.yahoo.com/schlumberger-cuts-9-000-jobs-due-low-oil-222259643.html
Schlumberger cuts 9,000 jobs due to low oil prices
Oil services company Schlumberger Thursday said it was firing 9,000 workers due to plunging oil prices that have forced petroleum companies to cut drilling budgets.
"In this uncertain environment, we continue to focus on what we can control," said chief executive Paal Kibsgaard.
"We have already taken a number of actions to restructure and resize our organization that has led us to record a number of charges in the fourth quarter."
Revenues rose 6.2 percent to $12.6 billion.
Dude, you seriously need to move south. Gas prices in Chattanooga range from $1.73 to $1.86.Right on cue got the proverbial 30 cent jump in gas prices here.
Gee, more McOwned dishonesty, purposefully cutting out:
Articles like this always make me say "sure, but how many thousands of jobs did you get to dish out while you were happily letting people pay twice as much (or more) for the same oil? I do feel bad for people losing their jobs, but I do find it interesting they use the term "fired" in the article. I assume that is for effect.
I really just wish the US had taken the opportunity (which is now behind us) to be independent on foreign oil. But we were too busy selling ours for a profit.
It's funny. Gas for me is about $2.70 and diesel a dollar more expensive. But it's been obvious for years from all but the most hardcore of diesel fanboys that gasoline hybrid cars are the way to go. They summarily trounce diesel in north american offerings. Diesel will never amount to anything in passenger cars in this country. There's a reason why so few options even exist.my neighbor just bought a Volkswagen TDI. When gas was so expensive he wanted to buy a diesel bc of miles he drives. Unfortunately diesel has not dropped in price like gas in my area, he seen all those mileage improvements basically be erased. Doh!
Schlumberger is in the oil field services business and has nothing to do with oil pricing. I think there's going to be many layoffs due to cut backs in the US oil industries including refineries putting expansion plans on hold.
Of course it has to with oil pricing (and yes I know what they do.) Lower price equals less profit equals less money for extra employees. I never said they set the price, just that they enjoyed the ride without complaining while it lasted.
Gee, more McOwned dishonesty, purposefully cutting out:
Right on cue got the proverbial 30 cent jump in gas prices here.
Dude, you seriously need to move south. Gas prices in Chattanooga range from $1.73 to $1.86.
Gas Buddy is showing a .15 hike in Indianapolis, but only in one suburb at a handful of stations. McOwned is a pathological liar, so I guess that means .30 for the whole city? What a pathetic PoS. :\
Of course Schlumberger enjoyed the increased business from oil and gas companies increasing/operating more wells and requiring the services they provide. During that time they hired more people to meet the demands, now that the oil and gas companies are shutting down wells the demand for services has decreased and why the layoffs are occurring. These low gas prices help some parts of the economy while hurting others, the bad part is the section that will be hurt is the section that pays high wages.
Sure. And I do think the reporting sites are interesting.
1. As has been mentioned, the term "fired" was used, where laid off would be more appropriate.
2. Scale was not mentioned either. This company has 126,000 employees, obviously all over the world. Losing 7% of the people at my company would be noticeable, but we wouldn't expect a local news story over the matter.
http://en.wikipedia.org/wiki/Schlumberger
3. And then the reason they gave for the cuts, which is most-likely before the recent price drops would have had such an effect.
A large number of layoffs are coming at oilfield services company Schlumberger.
The company tells Eyewitness News they're in the process of reducing their workforce by 9,000 jobs. The reduction represents about 7.3 percent of the Houston-based company's total global workforce.
The layoffs started in the last quarter of last year, and will continue through 2015. No word yet on which specific jobs will be affected.
Schlumberger said Thursday it is making the cuts in response to lower commodity prices and anticipated lower spending on exploration and production in 2015. The company recorded a $296 million charge associated with the move in its fourth-quarter results.
The price of oil has plunged in recent months due in part to a surplus of oil. Prices have improved slightly in recent days, but the price for a barrel of oil remains below $50 after spending most of the last four years near $100.
You sir, are a one trick pony! How low do gasoline prices need to go before you can smile again?Right on cue got the proverbial 30 cent jump in gas prices here.
The Oil Thugs can resume striking up the band:
1-16-2015
Oil spikes above $50