JPT: Hope Is Not a Strategy … But Without Hope, There Is No Strategy

A great benefit of being the SPE president is the chance to interact with students and young professionals around the world. Many are anxious about the future, but not panicked. I have been asked if this is the worst time ever in the oil business, a question that made me smile. For some reason, it is natural to try and “scale” a current calamity with past ones. For example, financial recessions are compared with the Great Depression of the 1930s during which the worldwide gross domestic product (GDP) dropped 15% in 3 years. In comparison, the recession of 2008– 2009 saw a 1% drop in worldwide GDP but certainly felt huge. WTI crude oil prices dropped from USD 145.31/bbl on 3 July 2008 to USD 30.28/bbl in less than 5 months. The US rig count followed suit, dropping from 1,987 in August 2008 to 895 by mid-2009. It certainly was not good, but it was relatively short-lived. Download the PDF to read more.

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