What can a PA Oil & Gas Equipment Auction Tell Us?

auction-gavel.jpgMDN editor Jim Willis grew up going to auctions. Sometimes it was a farm auction–equipment like tractors and balers and manure spreaders. Sometimes a livestock auction–cows and horses and pigs and goats. But most often it was attending the local bric-a-brac auction on Saturday nights in South New Berlin (NY)–at Toby’s Auction Center. If we close our eyes and imagine it, we can still “see” the sights and sounds (and smells!) of the auction, where everything from cassette players to zucchini squash to antique Japanese pottery was sold. You can tell a lot about economic conditions from the local auction–including equipment auctions in the oil and gas industry. At a recent o&g equipment auction in Indiana County, PA, a couple of things were apparent: (1) the conventional drilling industry in PA, NY and elsewhere is struggling, and (2) it’s still a buyer’s market for drilling equipment–which indicates the turnaround hasn’t arrived quite yet…

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