oil rigs

[digital-audiophile]

The drilling numbers are going to be in the tank for 2008. CAODC is only forecasting a average 34% rig utilization in 2008 with only 50% turning to the right during the winter season.

Most of the majors in town have hiring freezes on and I am already starting to see lay-offs.

We can thank low gas prices and the awesome Stelmach government for killing the industry.

We will need to ride this storm for a couple of years as far as I can see. What we need is a cold as hell winter in the eastern states and a bunch of bad hurricanes next summer and I hope that by 2009 we should be moving again.

Here is a link to the CADOC forecast for reference : http://www.caodc.ca/PDF/Forecast-Oct07.pdf