As many of you know, I spend a good part of the day watching the markets, and with it, the price of oil and the businesses involved with oil.
The price has been stagnant. Stuck.
It is a little better today with the price just below $50 a barrel, but the price is not good enough to keep oil companies from laying off people.
Earlier this week, Conoco-Phillips said that lay-offs from their company would continue.
Yesterday, Chevron announced 1500 lay-offs. 950 in Houston.
Today however was another coup de grace. Shell Oil announced they were laying off 6500.
As I have written in the past, this area is tied to oil. We are a one trick pony. There are no other industries...
Even retired teachers in Texas should be concerned. A great deal of Texas Teacher Retirement is invested in.....that's right, the oil industry.
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