Drudge Retort: The Other Side of the News
Thursday, May 22, 2014

Bloomberg: Mark Hiduke just raised $100 million to build his three-week-old company. This 27-year-old isn't a Silicon Valley technology entrepreneur. He's a Texas oilman. The oil and gas industry is suddenly brimming with upstart millennials like Hiduke after decades of failing to attract and retain new entrants. Now that a breakthrough in drilling technology has U.S. oil and gas production surging, an aging workforce is welcoming a new generation of wildcatters, landmen, engineers, investors, entrepreneurs and aspiring oil barons.

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AndreaMackris

 

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If I had to do it again, I would be an oil man!!!!

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Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

That'll surely help the water woes in Tx.

#1 | Posted by 726 at 2014-05-22 02:23 PM | Reply | Flag:

Oh good.. A new bubble where a majority of investors will lose their fortunes. Just what this country needs..

#2 | Posted by Whatsleft at 2014-05-22 03:47 PM | Reply | Flag: | Funny: 1 | Newsworthy 2

Just a little late to the party...

#3 | Posted by Prolix247 at 2014-05-22 04:28 PM | Reply | Flag:

Oh good.. A new bubble where a majority of investors will lose their fortunes. Just what this country needs..
#2 | Posted by Whatsleft at 2014-05-22 03:47 PM

BINGO.

#4 | Posted by redlightrobot at 2014-05-22 04:59 PM | Reply | Flag:

Now that a breakthrough in drilling technology

What?

#5 | Posted by snoofy at 2014-05-22 05:26 PM | Reply | Flag:

"A new bubble where a majority of investors will lose their fortunes. Just what this country needs.."

Y'mean like the "green energy?"

Of course the only people who took a bath there were the taxpayers...

#6 | Posted by madbomber at 2014-05-22 05:29 PM | Reply | Flag: | Funny: 1

#6 apparently thinks the taxpayers haven't subsidized oil.

FF

#7 | Posted by Whatsleft at 2014-05-22 06:28 PM | Reply | Flag: | Newsworthy 1

Something tells me that some info is intentionally being left out of the story. A young person has to come from money and have some serious connections in order to get $100 million in startup loans.

Richie Rich wasn't working in Silicon Valley in the 1st place. The idea that these two industries pull from the same talent pool doesn't stand up to any scrutiny.

#8 | Posted by Sully at 2014-05-22 07:56 PM | Reply | Flag: | Newsworthy 1

The article makes it sound as if hordes of millennials are "spurning" high tech for oil, but young adults have always gone into every field. High tech, oil, medicine, education, hospitality, business...

People get into what they want to do. It's not as if Silicon Valley is facing a millennial shortage.

#9 | Posted by Derek_Wildstar at 2014-05-22 09:00 PM | Reply | Flag:

"Something tells me that some info is intentionally being left out of the story."

I agree.

#10 | Posted by REDIAL at 2014-05-22 10:26 PM | Reply | Flag:

Sounds like capitalist BS from Bloomberg.

#11 | Posted by nullifidian at 2014-05-22 10:29 PM | Reply | Flag:

Be heading to California to see if grapes grow.

#12 | Posted by CrisisStills at 2014-05-23 12:21 PM | Reply | Flag:

No Fraking Way!

#13 | Posted by shirtsbyeric at 2014-05-23 12:24 PM | Reply | Flag:

Yeah my family was farming in Oklahoma during it's Oil Boom.

It lasted about a decade during which a lot of people got maimed or killed and the owners were the only ones who really made a fortune.

While my family was happy to make more money during the oil boom they had farming to fall back on when it was over while those who moved to the region to work in the oil fields had nothing.

#14 | Posted by Tor at 2014-05-24 12:01 AM | Reply | Flag:

May they choke to death. ---- texas.

#15 | Posted by TwoCents at 2014-05-24 03:45 AM | Reply | Flag:

The usual uninformed BS from the usual suspects. Don't you folks ever get tired of living in your little echo chamber?

Oh but you will give big oil a big nasty finger, even as you are standing at the gas pump filling up your Prius and while keeping your apartment hvac running to provide you a comfy 74 degrees. Or using the millions of products made from crude oil.

What the article is talking about;

1) drilling technology - several new techniques have been added in the past few years - the abilty to maneuver the drilling - before you could only drill straight down. So now, they can drill one well as a central hub and drill down then horizontally as needed. That allows the driller to reach deposits that were unreachable before.

2) fracking technology - I'm not saying it's good or wise - just that it's new and it works.

3) the fact that many more young engineers and computer nerds are finding careers in the new oil industry, when in the recent past, those same people would have been attracted by silicone valley.

4) all of these things opened another enterprise which wasn't really cost effective before - natural gas, which will soon replace crude oil as the energy source of choice.

I have been an engineer for 35 years. I never worked in the oil industry until 5 years ago. The money is simply to hard to resist. That is why the youngun's are attracted to it.

#16 | Posted by kudzu at 2014-05-24 07:46 AM | Reply | Flag:

May they choke to death. ---- texas.

#15 | POSTED BY TWOCENTS

And another proggie displays his compassion.

LOL

#17 | Posted by goatman at 2014-05-24 08:20 AM | Reply | Flag:

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