For Our Oil Field Folks.
Unfortunately, I believe they are being used as pawns. The pinch of $50.00 something a barrel will soon start to take its toll. I don’t care what anyone says. You more than cut a whole industries value by 50%, there is going to be repercussions. Fallout. Usually, that results in loss of jobs and reduction of all income. ALL INCOME.
I have watched the cycle to many times in my own life cycle.
Good, honest, hardworking people get started in the oil field. They work hard, build knowledge, relationships and ultimately companies. Companies who then employ vast amounts of other taxpayers, or customers….
In order to grow, and most of the time, even keep up with current demand, an individual must put his or her name on some credit, at some point in time. That is usually around $100.00 per barrel. It gets even crazier when that number rises above the $100.00 mark.
Banks can’t lend fast enough, orders can’t be filled, delivered or billed for fast enough……… kind of like a housing bubble….
Now, all of these hard-working folks who bet on themselves and their relationships are full in, all cards and resources are on the table.
Oil drops to nearly $50.00 a barrel. Virtually overnight….. The banks, being savvy and having been through this particular occurrence many times, have learned to not only minimize their loss, but actually profit to some extent. They begin to call loans, whether they are due or not. They begin to pull money out of their customers accounts before payments are even due, and without the knowledge of their customers.
This sets upon a course of horror that is very difficult to overcome.
In the end, all that brand new equipment gets repossessed, sold or any other number of options that were never intended just a few months ago. People go broke. Lives get ruined.
Because some folks are having a price war. Oh yeah, they have a ton of money to withstand, or we will bail them out. Then they will use those funds to purchase all that brand new equipment that was repossessed, at a deeply discounted price. They will own that when the oil spikes to $100.00 plus a barrel. I bet they will sell it back to you, you know, for an extreme interest rate and a tidy profit.
Sorry, got off on a rant. The little guy always gets it.
I have put just a few links together with some resources that I hope are helpful. Yes, I have included some links into becoming a Public Adjuster, and even some different firms. As a Public Adjuster, we have weaned ourselves from the necessity to rely on oil. We fight insurance companies who are never going to pay a claim correctly. They were not built to. Like the oil industry tycoons, they have all the cash, and they will do almost anything to keep it and continue to profit from nothing. Called job security. Unfortunate, ugly, truth. We did not make it, but we sure as hell found a fix for it.
Various Hopefully Helpful Links:
- Join Team InsuranceBusters.net
- Texas Department of Insurance Public Adjuster Licensing Information
- Texas Department of Insurance Public Adjuster Trainee License Information (Must be sponsored by current license holder)
I hope things get better before they get worse, if you know what I mean. Until then, I hope none of you have to suffer too much.
Cal Spoon 01-02-15