When “Rumor Becomes Reality” – This Is The Devastation Across The US Oil Patch
by Tyler Durden
ZeroHedge.com
02/01/2015
“This is going to hurt, no question,” fears a landowner in Santa Barbara with a dozen oil wells. Layoffs are “kind of like a death in the family,” exclaims a geophysicist in the Permian Basin. Houstonians were hoping for a hiccup, says one restauranteir, but now “they’re getting more cautious.” As WSJ reports, rumor is becoming reality across America as “unambiguously good” news of low oil prices turns from a trickle to a deluge of job losses and insecurity. Cutbacks aren’t yet reflected in broad data on employment, home sales or tax collections. But fallout is beginning to affect people, starting with the legions working as suppliers to the energy industry.
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