It is common knowledge that the Oil & Gas Industry is very much like a rocket and a shovel. It’s either shooting sky-high or digging us into a hole and burying us in darkness. Right now the latter is our truth. It seems we are all saying, “Not now, we can’t afford it.”
Working in the Oil industry is definitely not for the faint of heart. It is a long, exciting Wild West story with twists and turns around every corner. There is plenty of drama, beauty and even a few casualties along the way. That happy ending, however, is something you have to work extremely hard for.
The heartbeat of the Permian Basin is an Oil & Gas industry which has lifted our country’s economy out of a deep quicksand on more than one occasion, and it will do it again because the people who work every day to keep it going are innovative and problem solvers. During this time of darkness, however, there are ways to keep you head up and survive.
First and foremost: Crying about it won’t solve anything. You must stay positive. The bust will not last forever, but presently, you need to learn how to cope with half the income. Sit down with your family and have an open discussion about what you can live without. Do you really need a $60,000 vehicle, 700 channels, and the latest and greatest electronics or Coach purses? Probably not… not even a little bit. Create a budget and weather the storm. The most important thing in being successful during difficult times is absolutely refusing to give up.
Unfortunately, Oil & Gas professionals will never have the job security other professionals have, so we learn how to make the best of every situation. Sometimes that means you have to take a job that is well below your pay grade and/or skill level in order to withstand and pull through the darkness. Sometimes you may have to work more than one job to make ends meet. Just remember, this is only a temporary downturn where we all have to make deep spending cuts.
Keep this bust in mind during the next boom, and yes, there will be one. While you’re riding your rocket into the clouds, be responsible and don’t fall into the pot of fool’s gold. Always live beneath your means so you use your shovel to dig out reserves instead of digging yourself out of a hole.
This article was written by Stephanie Maples from Odessa American, Texas and was legally licensed through the NewsCred publisher network.