Thread regarding Schlumberger Ltd. layoffs

current consumption of jet fuel, about 5 millions of barrels per day. Current consumption of gasoline for cars, 23 millions of barrels per day, consumption of diesel fuel, above 25 millions of barrel per day. Even not including biodiesel, ethanol, and other alternative fuels, the transportation on the road still accounts for 10 times the consumption of what is used for airplanes. And also airplanes are becoming more efficient to keep the cost down.

Sure, there is still a lot bread to win in the O&G, but if I was in my 30s, I wouldn't count on retiring in the sector.

To 4uzx:

If you don't know what kerosene is used for then your offering opinions on energy consumption are as useful as an ashtray on a motorbike.

Note to 4uzx - Kerosene is jet fuel. Just look up in the sky and watch how much is being used daily...

Oh yes, I want a flying car. I park by the same Prius everyday and it would be so cool to upstage that sombee.

There goes the Kmart recruiter again!

You bubba’s holding onto your limited vision of the industry, and future, is just laughable. No, the oil business is not going away, congratulations you have that right, it will continue to dump crap into the air at your kids expense, so you can rest easily at night knowing that your current lively hood is not in jeopardy. Whew, that’s a relief. But, oil’s market share will be impacted. In fact, it already is. Take hybrid vehicles for instance. They still require gasoline, but they require much less of it than that big Lone Star RAM you like to drive around. Kerosene for example, not used much today, only for special circumstances, it hasn’t gone away, but we sure don’t use a hell of a lot of it now do we? The railroads are actively working to reduce their fuel usage, in fact, some are even holding onto research involving cold fusion. And if they get that working, look out! The Saudi’s, who are smarter than you, realize this. And they don’t want to give up any of their share of the pie. They can’t, their next most abundant resource is, sand. So, they play ball, and 60 dollar a barrel extraction just isn’t good enough anymore. Amazing, as oil prices inched towards 60 buck a barrel and the US domestic ran out and stuck a tube in the ground, the glut went back up and there has even been talk that our eastern friends may bump up their output a bit to match. So, just keep telling yourself there is no place like home, no place like home. It will be fine. Trust me, I watched PBS last night. And oh yeah, do you still want that flying car ? Cool huh? Everybody is gonna want one of those. But it won’t run on gasoline. More’n likely, doh!, batteries. Which by the way, Schlum leads all the companies at integrating into their portfolio. We got that going for us now. How many delivery trucks is Amazon going to replace once they get those drones delivering small packages to your house? And these are only examples of the low hanging fruit. Cheers.

@MhfxPPy-2rll

So, how did you OPTIMIZE your career in Kmart?

In fact, most of us saw this coming waaay before your banal cut&paste, and optimized their careers to make money and pursuing strategic positions within the company. Albeit we could could retire comfortably even today, in practice we will be the last to be released (whenever that may be).

And we will gladly use our oil-derived savings and pensions to purchase electric cars, solar panels, and whatever else will make our retirement more cost-effective. Sell oil at 100$, buy solar electricity at 0.1$. Just perfect.

You, on the other hand, after being kicked out faster than a bullet, come here to troll and find relief on someone's else anxiety.

Go back to sleep...

-1jgb

The extremely qualified who add considerable value usually get paid well in any sector. If you look hard enough you might find out that O&G wasn't even close to be the most remunerative for these individuals. But was one of the most remunerative sector for the average Joe with normal skills and low education for two factors, the ton of money that the business was generating and the cost of living of the geographic areas where it's based.

Except for the highly-qualified who add considerable value, everyone in the oilfield will be taking a huge pay cut as the industry can't support high wages anymore. This gravy train has hit the skids and the party is over.

Oil & Gas will taper down in time. The elephant in the room is yelling that actual oil prices are pretty much what is going to be unless some other crisis is going to be manufactured, such as a war in the Middle East or something like that. Meanwhile quite a bit of manufacturing will be outsourced to other countries, and the same is true with engineering services and support services. We might try to tell ourselves that the Chinese manufacturers won't be able to have the same quality, but that is just being delusional. The phone I'm holding in my hands is made in China and it's just awesome, so are a lot of appliances and devices we have in our homes. They are past the learning curve for any advanced technology, now it's a matter of will and investments. The US has bred some of the brightest scientist in the world for decades, but had let slip most of this advantage letting corporations outsource most of the products of this resource. O&G tools are just another technology which will be built somewhere else in the name of corporate profits and cost savings. Time to look somewhere else for a six figure salary without exceptional skills.

Ah - I'd like to agree with you, but unfortunately oil & gas exploitation will be around for a long time yet. Agree that a large proportion of oil use, in the form of gasoline/petrol/diesel will be replaced but as a primary energy source we rely on natural gas. For example here's the real-time UK energy use http://www.gridwatch.templar.co.uk/ : note that natural gas generates a third of UK electricity generation. As we shift towards electric vehicles this will just grow. Renewables (and nuclear) are doing well but it is not going to replace drilling and burning for a while yet. Sorry.

My Bad...this is from an 1970's article, right? Heard this crap so many times...I have some kryptonite (forgive the spelling...never was in to fantasy)...CHEAP!!

You are a clueless f---ing joke. Oil & gas industry will be around for many years to come. The day you see airliners, jets, tanks & ships running on solar panels then it may be over but it won't be in your worthless lifetime. Go back to moms basemt & scream at the Internet fatman.