Rumor has it that Nabors is stacking rigs this quarter.

I am involved in oilfield work. I'm in a position th hear a lot of first and second hand scuttlebutt from guys on the ground and I'm on the rigs frequently myself.
As I understand it, Nabors will be stacking a considerable number of rigs domestically and this is due to the big money pulling out of the domestic market. The fact that this comes virtually at the same time as the election is not a smoking gun but is indicative of a reaction to the political climate. Most of the new contracts seem to be mom and pop operations that couldn't get a rig before.
Any thoughts on the validity of these rumors? If they are true (which I think they are) is it an obvious economic disadvantage to drill now or is it purely political?

Maybe because prices are going down?

Cheap gas leads to less drilling and higher gas, which leads to drilling which leads to cheaper gas, ad nauseum...

Yes, basic economics, but isn't it more expensive to buy from elsewhere? Why not buy domestically and reap a greater profit in the resale instead of paying for imported crude ? Are the margins really that tight?

I Can't wait for the day Fossil Fuels are no longer being used as an energy source.

It's an insult to mankind's intelligence to be using oil.

With the current state of technology there is no need to use fossil fuel or any other energy source that would contaminate our enviroment.

Nikola Tesla's the man.

Oil and drilling was never needed from the begining. It's just one of many mediums to control and profit from the populations, to benifitthe corporate conglomerations inolved in Oil energy.

Alternative's to oil period.

I respect the Oil field workers, hard work capability and technical knowledge on drilling.

I suggest you shift into the work inloved with Geo-thermal drilling and piping. That is were we need your skills.

reply to post by GodshipForAll

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OK. I'm game. Where is the geothermal job market taking us today?

reply to post by badgerprints

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Well firstly, you'd have to take into consideration that all that oil we're getting from "overseas" ends up being 80-90% from Canada. Even turns out that we have the largest oil reserve in history located in the Dakota's. With more volume than that of Saudi Arabia or Iran, and absolutely dwarfs that of anything in Alaska. It's all misdirection if you ask me. People are just trying to cash in where ever they can.

I'm the Yin to your yang. I work in the wind industry, and T Boone Pickens the man who was going to "rid America of it's need of foriegn energy" or "Single handedly save America" just cancelled half his project, (and part of that was the next project I was going to work on) because fuel is so cheap right now, you don't make money by producing it by other means.

It all comes down to $.

And if you can follow the money, you know exactly what is going on right now.