Booming oil towns in Texas, North Dakota spend cautiously to prepare for inevitable bust

  • Article by: JAMES MacPHERSON , Associated Press
  • Updated: October 15, 2013 - 3:19 PM

MIDLAND, Texas — In a faded West Texas town dotted with vacant buildings and potholed streets is a sparkling storefront window and a curious display: rows of diamond-studded Rolex watches, awaiting buyers whose pockets are packed with oil money.

  • 7
  • Comments

  • Results per page:
  • 1 - 7 of 7
sfod93Oct. 15, 13 3:45 PM

So, not a good idea to join in business with a S&L? Hmmm. Never occurred to me to be so stupid.

2
4
dentesterOct. 15, 13 4:04 PM

Ever hear of Houston? Apparently not.

2
6
dahutysOct. 15, 13 4:29 PM

I often wonder whether the guys making $100k a year are actually saving any money. If you could work a few years and save a lot of your salary, when the bust comes, you could move back home (or somewhere with a more diverse economy) with enough money to open/buy a business, pay cash for a house, get additional education/job training, etc. But I always wonder how many young guys spend every weekend at bars and restaurants, and buy a brand new truck, and get a diamond-studded Rolex... Add in the high rent and higher cost of living caused by boomtown demands, and that $100k gets spent pretty quickly.

9
1
jd55604Oct. 15, 13 6:19 PM

Libs are just waiting for this boom to bust. To them, people shouldn't be earning high incomes in the private sector. They need to be getting their checks from the government and relying on it for all of their needs. Energy exploration is totally unsustainable but our 16 trillion dollar debt is not for some reason.

10
7
bogie246Oct. 15, 13 9:42 PM

There will not be another "oil bust", but there will be over building and depressed real estate and commercial values. So what? Some will make money and some will get holding the bag. That's the way the capitalist system works. Why the hand wringing?

2
3
tituspulloOct. 15, 1311:58 PM

bogie246Oct. 15, 13 9:42 PM There will not be another "oil bust", but there will be over building and depressed real estate and commercial values. So what? Some will make money and some will get holding the bag. That's the way the capitalist system works. Why the hand wringing?____________-The economic and ecological devastation that will be left behind...that's why.

0
1
9moonsOct. 16, 13 1:50 AM

And it will leave the area a quiet scarred hellhole with no quality of life. Today it's a bust scarred hellhole with no quality of life. Unless you like oil rigs, storage facilities, warehouses, large trucks, monster pick-ups, dust, flared natural gas, drugs, prostitution, dangerous traffic, constant noise, gravel pits, never ending roadwork and construction, etc. You get what it's like in the "patch".

Who wouldn't like that kind of life?

0
1
  • 1 - 7 of 7

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT