Word: oiling
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TIME: What about the fallen stars, the real estate sector or the oil sector? Are these going to see rebounds...
...boss has been around even longer. Owner Frank Thompson, 77, who has been selling cars for 57 years, still brown-bags his lunch every day and puts in 40-45 hours a week, remembers even darker days for dealers: the oil embargo in 1973. Having lived through tough times before, Thompson was ready this time. In July, when he began to notice "For Sale" signs seemingly reproducing on neighborhood lawns overnight and hearing new horror stories every day about people who were upside-down on their mortgages, Thompson put his Dodge salesmen on salary, so they wouldn't have...
...that could soon change as the economics turn dark for the energy sector. High prices bankroll high-cost production and fund technology improvements that make hard-to-reach minerals accessible, while low prices mean wells with high production costs are shut in. The threshold price for oil-operations expansion is around $50 a barrel, according to Combs. "This constant roller coaster [in prices] is something the industry is really getting sick of," Ingham says. (Read "Web-Savvy Homeowners vs. Landmen...
Falling prices are only the No. 2 concern on the worry list of 21% of chief financial officers at U.S. oil and gas companies, according to a survey by BDO Seidman, an accounting and consulting firm. The No. 1 concern of 57% of the CFOs was access to capital. While the industry is not as capital-intensive as it once was, Perryman says, it is still intertwined with the health of the financial system. However, in Amarillo, where the energy sector is about 25% of the economy, the talk around the coffee shop is still dominated by the price...
Texas Tea. Oil prices dropped to about $35 a barrel at press time; the further they drop, the better your rates at The Joule hotel in Dallas. On the second night of your stay, the hotel will match the price of your room to whatever the price of oil is at the opening bell that morning. Plus, if you book the "Black Gold Experience," you get a $100 gift card to Neiman Marcus, conveniently located next door. Rates start at $340, through March 1, 2009. 1530 Main Street, Dallas...