[EDITOR’S NOTE]
Driving around town, I’m amazed to see gas prices dipping below two dollars a gallon—a figure I did not expect to ever see again. Te past few months have seen the price of oil plummet worldwide to the lowest levels in years—a plunge that rests squarely on a game of “economic chicken” between oil producers in North America and OPEC. Te surge of U.S. oil production, combined with tight export laws, has meant less dependency on foreign oil in the past few years. However, and not to be outdone, OPEC, which is able to produce oil cheaper
than the U.S., has responded by oversupplying the market and foregoing short-term profits in order to maintain long-term appetites for foreign oil. According to a recent Bloomberg article summarizing this struggle, “It wouldn’t be the first time U.S. drillers are caught up in an OPEC battle for market share. In 1986, Saudi Arabia opened its taps and sparked a four-month, 67 percent plunge that left oil just above $10 a barrel. Te U.S. industry collapsed, [which many in the lifting and rigging industry felt directly] triggering almost a quarter-century of production declines, and the Saudis regained their leading role in the world’s oil market.” So what does this mean for us? Well, for starters, a likely potential slowdown in the U.S. shale oil and gas boom—with new well permits down significantly—and U.S. drillers planning to idle rigs in the near future. Needless to say, there are a lot of moving parts within this international game of cat and mouse—with much of the outcome directly impacting our industry. And as always, the true question surrounds not so much how prepared we are, but how flexible we will be when things go off track. Flexibility and adaptation could be the theme of this issue, as we showcase two industry leaders who have consistently adapted to the challenges of their respective disciplines, and continue to flourish. Edwards Moving and Rigging proves that even the best-laid planes take on unforeseen
twists and turns—and that it’s not “what happens on the job,” but how you react to it, that defines your success. And InfoChip, the industry and global leader in safety compliance and inspection management software, has teamed up with Holland RFID—in what will be a merger that truly changes the way our industry inspects, tracks, maintains, and protects its assets. Tank you for reading, and remember to take advantage of what the Exchange can
do for you. Best,
Melissa Hood, Editor | Wire Rope Exchange P.O. Box 159323, Nashville, TN, 37215 Email:
mhood@wireropeexchange.com
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4
JANUARY-FEBRUARY 2015
WIRE ROPE EXCHANGE
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