the employees at a family member’s office were called in to a meeting with several of their clients (oil, natural gas, refinery type companies—notice natural gas is in there). The clients—whom I’m not allowed to name—told the company that they were sorry, but due to Obama being re-elected, Obamacare, the fiscal cliff AND the out of control EPA they will NOT be building any new pipelines or refineries any time soon, so there would be no work from them for any firm that they normally hire for these type jobs and they thought it only fair to let the people they normally hire know before they make plans for their companies for 2013 and beyond. The hiring companies even stated that some of them are closing their doors rather than mess with the hassle they see before them. Some of these companies have been the bread and butter of the family member’s employer and this combined with the financial hit the company is about to take itself may be the death of that company as well.
Furthermore, the domino falls further, the oil/gas companies will also be capping a lot of their existing wells instead of continuing to pump them due to the EPA. So those of us with little mineral interest checks will cease to receive those checks. (This is part of the reason we were told about this) Three of the companies in that meeting were three of the checks I get on a monthly basis. Luckily I do not include them in my budget because they are so variable in size and have been using them for gazelle feed, but it will slow down my gazelle considerably if my wells are the ones they cap.
The domino of this will also affect all our fuel and heating costs, because of the US companies are forced to cap wells and not do any more exploration…nuff said.
We received this news about 2 days before db’s company gave him his pink slip. The life blood of Oklahoma is the oil and gas industry.
Oh db has a question and I wasn’t sure of the answer. We know that companies pay in so much unemployment tax as a matter on monthly business, but what if the company leaves the US, will there be money for db and the other 499 employees to draw?
Many of the big restaurant chain owners (Darden comes to mind) have already said they will not be hiring anyone new and that everyone will be forced into “part time status” because of Obamacare.