The following is a comment copied from a commenter on another website discussing the oil bust and the economy related to it.
"In the mid-1950s we had the Suez crisis and there was worry over the supply of oil. Just about 10 years later a glut of oil caused a decrease in the "posted price" which formed OPEC
In 1973 and then in 1979 we had dual oil shocks, by 1986 we had the biggest bust since the depression.
In 1990 we had the Gulf War and a short but sharp oil shock, by 1999 again we had crashing prices
In 2008 we had $4 gas, now 7 years later "The Boom is Over!"
Two morals of the story:
First, capitalism WORKS. It isn't the fastest way, but it worked each time.
Second, for those of us in the industry if you live on the edge financially you will not know if dinner next year will be chicken or feathers. So put away in the times of plenty for the times of lean. Busts only last 3-5 years historically, and when the next boom hits if you last the bust you are most in demand. "
We are hunkered down and waiting. The husband did his last job in December. We spent part of January and February traveling then back home to do some remodeling. Back on the road again in April and back home again to do landscaping.
Our days are lazy. I asked the husband if he was distressed about not working. He replied "No!, it's a relief."
I'm very grateful that he can relax and not worry about working. Those years of saving money and being frugal has enabled him to enjoy this downturn in the industry.
We were waiting for "it" and "it" finally arrived once again. Yes, we have been here before. A few times we have been here. Each of those times were scary. Though savings have always been important to us, it wasn't until this bust that we felt we were really ready to go without a paycheck.
I ran a total on how much money we need a month to meet our obligations to utilities, insurances, cable, internet and phones. All three vehicles are paid off as well as the house. Still and yet, without the house or vehicle payments, it is never cheap to live is it?
Tomorrow is our anniversary. 37 yrs. together. Who woulda thought? If the weather remains crappy, we will postpone our trip to New Orleans and roaming the streets to listen to some jazz.
I'm done here.