Financial Services & Recruiting academyrecruiting on 03 Jul 2008 08:13 am
The high price of oil is a great thing for some businesses
And I’m not talking about oil companies…
As you may have noticed, I like to write about things that run contrary to popularly accepted thought and don’t fit the “well, everybody knows that” mold. In this case, “everybody knows that the cost of a barrel of oil going up like it has stinks and it hurts everybody.”
Trust me, I’m not any happier than anybody else about the gas prices now, but, contrary to popular belief, the current major oil and gas price increases aren’t all bad and have even helped some businesses.
ABC News just did a story called “Oil Price Fallout: Jobs Coming Home?” where they mentioned, among other things:
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a furniture designer is having her chests made in North Carolina again (a place that’s lost many jobs to Chinese furniture manufacturers) because they now cost five times more to ship from China
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a company that makes heaters to keep football players warm is moving all its production back to Kentucky from China
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a hair care company is going to move all of its production from China to Houston which means 1,000 new jobs
Two things I want you to keep in mind here…
First, as I keep saying, don’t buy into all the gloom-and-doom you hear on the news all the time. There are still businesses doing well in seemingly tough times, including the wealth management portions of the major financial services firms.
Second, as a budding financial advisor, you need to pay attention to trends like these, especially those that don’t always get a lot of attention in the press, because they can have a major impact on where you invest your clients’ money.
