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Originally Posted by _tunic_
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Growing up along the carcinogenic coast (Lake Charles, Louisiana to Texas City which is between Houston and Galveston), refineries are a way of life. It’s the lifeblood for the surrounding communities. So many of my Uncles and cousins are working for / retired from oil companies.
Things are dire with ominous predictions with oil expected to possibly climb to $10 per barrel by sometime in May. If the crash continues, we can expect massive layoffs as refineries reduce down to mothball operations......small to medium size refineries/oil companies may file for bankruptcy.
The trickle down impact for cities and counties who are so largely dependent on tax revenue for operating expenses will be greatly impacted.
We could experience a true depression!