Is Oil Industry a Sinking Ship? Fulfillment of a Prophecy?

LISTEN NOW! It’s no surprise, gas is continuing to drop. It is dropping to the prices that are friendlier and friendlier to our wallets and pocket books. Looking on the surface alone, it is a great thing that gas is dropping below $2.00 a gallon.

According to CBS News, “Last year, falling pump prices put an extra $115 Billion in American’s pockets. The price of oil is dipped below $30 a barrel. One big boost to the economy.” But, what about those within the oil industry? How do these slipping prices affect those who make a living from retrieving the oil from the ground below?


When CBS’s Martha Teichner met with Mike Rasco, what she encountered was all but encouraging. Rasco is an oilfield consultant who oversees operations in the industry. He takes her to a drilling contractor’s yard. During the boom, this yard would be empty. In today’s reality, each day has the possibility of adding another drilling tower and all its required equipment to the lot. Why? Because it is no longer needed. According to Rasco, “This ‘parking lot’ for drilling rigs symbolizes the American oil and gas industry going broke. In just the last year, more than 900 rigs were idle. The US total, down 60%.”


In a brief dialogue about the yard, she asks an even deeper question, “So each one of these rigs represents how many unemployed people?” His response says it all. “I’d say at a thousand, at least.” Instead of drilling rigs across the Texas horizons, lots of heavy machinery and pick-up trucks are peppered throughout the area, signaling to those driving that an increasing inventory is available for the next auction. “Worldwide, the oil and gas industry has cut more than 275,000 jobs since oil prices peaked at over $100 a barrel in mid-2014.”


What is adding to this already, arduous scenario, is the ‘wide-open’ oil production from nations like Saudi Arabia and Russia. With the implementation of fracking, America is now on the list of oil exporters as well. “U.S. oil production went from 5 million barrels a day in 2008 to 9.7 million barrels a day in April of 2015.” The present day situation tells a differing story.  “A gallon of water is worth more than a gallon of crude oil right now.” This reality is causing families who make their living in the oil and gas industry to lose their homes.

We should never celebrate when our brother loses his oxygen because we get our oxygen at a lower rate. God has revealed that “The whole industry was going down.” Hear the full story about what is taking place throughout the oil industry in the world, and so much more. Also shared in this segment: fracking, oil industry booms, oil prices, China, financial markets, Woodrow Wilson, and bankruptcy. Greg and John shared in this segment.
Courtesy of Daniel Fung/


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