The reports keep rolling in. Just in time for the holidays, major drillers are starting to hand out pink slips instead of holiday bonuses. It sure didn’t take long, either.
For the last 5 or 6 years, the oil patch has been the saving grace of the American economy. Providing some 550,000 direct service jobs and nearly a-million-and a-half-direct support jobs, the economy wouldn’t be anywhere near where we are without it.
But before we go blaming the Saudi’s again, let’s look closer to home. The Saudis are frustrated with what they see from the White House. Going back to the Arab Spring, ISIS and now the shale revolution, the President has only continued to offend Saudi Arabia.
Now, these American workers and their families are paying for it.
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