Los Angeles, CA \u2013 (January 29, 2015) \u2013 The oil-price collapse will certainly have a positive effect in many industries, however in the oil & gas energy and exploration sector, companies are already preparing for a long winter.\u00a0 Industrial Motor Power Corporation, a leading new-surplus and used power gen company, has already witnessed downward trends in domestic O&G\u2014a prophetic move guaranteed as a precursor to future cuts if prices don\u2019t recover.<\/p>\n
\u201cOil & gas is cutting back on everything,\u201d notes Gregg Bare of Mustang CAT based in Southeast Texas.\u00a0 \u201cWe\u2019re getting a lot of cancelations, and delayed deliveries [on power generation equipment].\u201d<\/p>\n
Individual rigs have recently been canceling orders in the triple-figures, and this trend is likely heralding in additional cost cuts yet to come.\u00a0 Unfortunately, these moves will almost certainly trickle down the employee chain unless prices jump back up in a short term.<\/p>\n
According to Mine K. Yucel, the Sr. VP and Director of Research at the Federal Reserve Bank of Dallas, Texas\u2019 O&G sector could see an estimated 15,000 jobs lost in energy production if the low oil prices endure for much longer.\u00a0 That said, the oil industry as a whole certainly knows how to weather these storms.<\/p>\n
When asked about similarities between the current collapse, and the drop of 2008, Mr. Bare states \u201cIt\u2019s a struggle for everyone, but the oil field is like that; it\u2019s cyclical.\u00a0 A lot of smaller businesses might disappear, but everything will bounce back.\u00a0 It\u2019s just a matter of time.\u201d<\/p>\n
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ABOUT INDUSTRIAL MOTOR POWER: IMP (www.IMPcorporation.com<\/a>) is the industry leading supplier of new-surplus & used power generation equipment, serving a broad range industries, including Oil & Gas Energy, Drilling, Marine, and Utilities.\u00a0 Since 2001, IMP has installed thousands of units in over three-hundred countries, and continues to expand its reach every year.<\/p>\n","protected":false},"excerpt":{"rendered":" Los Angeles, CA \u2013 (January 29, 2015) \u2013 The oil-price collapse will certainly have a positive effect in many industries, however in the oil & gas energy and exploration sector, companies are already preparing for a long winter.\u00a0 Industrial Motor Power Corporation, a leading new-surplus and used power gen company, has already witnessed downward trends… Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/posts\/64"}],"collection":[{"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/comments?post=64"}],"version-history":[{"count":3,"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/posts\/64\/revisions"}],"predecessor-version":[{"id":67,"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/posts\/64\/revisions\/67"}],"wp:attachment":[{"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/media?parent=64"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/categories?post=64"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impcorporation.com\/blog\/wp-json\/wp\/v2\/tags?post=64"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}