Do you work or supply services to Canada's oil patch? Tell us how the drop in oil pri

[CBC News]

Oil prices tumbled Friday despite OPEC's decision to cut its output quota by 1.5 million barrels a day, beginning in November.

Crude is selling for 50 per cent less than this year's historic heights because the worldwide economic crisis has put a huge crimp in demand.

But some analysts have said the cut might not be enough to boost prices because the global demand for oil is weakening.

Full story

Do you work or supply services to Canada's oil patch? Tell us how the drop in oil prices is impacting you?



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[jjaycee98]

Indirectly

Sort of involved in that I do Accounting and several of my clients work in the Oil & Gas Industry. For the most part projects that were on the Boards will continue this fall and winter. The big Companies do not lack for money and will be wanting to find and develope reserves for the inevitable time when things turn around.

Companies like EnCana, Shell, and Petro Canada are sitting on huge wads of cash. Look for a huge buy and sell and mergers of smaller companies.

 

[mt_pockets1000]

Our firm is still chugging along. We do engineering work for Suncor and Opti/Nexen. No signs yet of any slowdown. *knock on wood*

 

[GreenFish66]

Oil....where's the alternatives

Wait a second..Let's check up on the oil profits. this year.....WOW!..... That's something else.I guess they didn't know hard times were ahead eh!?,,...Did oil companies over produce oil Knowingly!?NO?....OIL Oil everywhere.....Flooded the markets.... drowned the banks.. left consumers in an ocean of debt ,,,Now analyst's are trying to tread water by saying there is no demand, for all the oil that was produced..So Global nations have to cut supply!...Hmmmmm somethin sounds a little odd to me...Can't quite put my finger on it??...Wish I had an economics degree..Instead of Ecology!lol
B.Greenfish66