Peak Oil is You

Donate Bitcoins ;-) or Paypal :-)

Page added on January 12, 2015

Bookmark and Share

Oil price crash bankrupting ‘small oil’

Sherri McDaniel is already feeling the sting of the drop in crude oil prices from more than $115 per barrel in June to less than $50 in early January. She is president of ATEK Access Technologies, a small Minneapolis firm that owns TankScan, a wireless monitoring system that keeps track of fluid levels in oil tanks. Oil companies that use the system are starting to postpone orders, as they take a cautious approach to spending.

“In the oil fields, they are starting to pull back pretty heavily,” McDaniel said. “They are literally taking tanks and laying them down on their sides.” As a result, she explained, “we have a number of big orders that are temporarily on hold.”

A derrick hand works on an oil rig drilling into the Bakken shale formation outside Watford City, North Dakota.

Getty Images
A derrick hand works on an oil rig drilling into the Bakken shale formation outside Watford City, North Dakota.

ATEK Access Technologies is one of many small and midsize firms that are already feeling the effects of lower oil prices. The causes of the decline are complicated, but they are an outgrowth of the domestic shale oil boom and a decision by OPEC, the cartel of oil-producing countries, not to rein in its own oil production in response. The result has been a price war.

Some big oil firms are already cutting capital budgets and jobs in response to lower oil prices, but it is smaller players in the industry that are feeling the pain most acutely.

More than 20,000 small and midsize firms drive the “hydrocarbon revolution” in the U.S. that has helped the oil and gas industry thrive in recent years, and they produce more than 75 percent of the nation’s oil and gas output, according to the Manhattan Institute for Policy Research’s February 2014 Power & Growth Initiative Report. The Manhattan Institute is a conservative think tank in New York City.

A sustained decline in prices could lead to layoffs at these firms, say experts. “The energy industry has been one of the job-growth areas leading us out of the recession,” said Chad Mabry, a Houston-based analyst in the energy and natural resources research department of boutique investment bank MLV & Co. in New York City. “In 2015, that changes in this price environment,” he said. “We’re probably going to see some job losses on a fairy significant scale if this keeps up.”

Growth of jobs in the oil and gas industry greatly outpaced the private sector from 2007 to 2012, according to the U.S. Bureau of Labor Statistics. There was 40 percent growth in jobs in oil and gas, with 162,000 new jobs created, compared to 1 percent job growth in the private sector. By November 2014, 215,200 people worked in oil and gas extraction alone. And with job-related fields such as mining and quarrying factored in, employment in the industry hit 869,000, the BLS found.

Many of the new jobs are well-paying. Average hourly earnings in oil and gas extraction were $31.62 for nonsupervisory workers in October and $40.79 for all workers.

McDaniel said ATEK Access Technologies has the staying power to withstand the drop in oil prices. Her firm owns three brands that have combined revenues of $50 million and collectively provide jobs for 200 employees. However, she believes many owners are in a weaker position to wait it out.

Companies on the brink

The small firms that are hurting range from exploration ventures to consultancies.

Last week a small central Texas oil producer, WBH Energy Partners, filed for Chapter 11 bankruptcy protection. The financial troubles reportedly began in September when Minnesota debt investor Castlelake declined to provide more funds under a credit facility. The 3-year-old company had more than $30 million in liabilities and more than $10 million in assets. It had about 2,600 net acres of oil and gas land in North Texas Barnett shale combo play, a region rich in shale that overlaps with oil formations. The filing demonstrates how small oil producers are feeling the squeeze on two fronts—falling oil prices and spooked investors.

Many industry experts say the struggles small players are facing are a harbinger of things to come, since there are many overextended producers who have not hedged their production well enough—a task that has gotten harder since big banks have exited the physical commodities business.

Under pressure from an activist investor who wanted liquidity, Trevor Spagrud, president and CEO of Hyperion Exploration, a publicly traded junior light oil and gas company in Calgary, Canada, was preparing in December for the sale of the roughly 4-year-old company to a Chinese firm, Tri-Win International Investment Group.

With drilling each well costing $3 million to $4 million when it used horizontal multistage fracking techniques, Hyperion was undercapitalized to deliver a “highly repeatable rate of return” in the immediate future, Spagrud said. Hyperion’s team, about 16 people at its peak, had shrunk to eight as the company prepared for the sale.

“We could have tried to raise equity,” he said. “When an activist investor gets involved, they quickly want full liquidity. We were somewhat hamstrung by that mandate. We have entered into a transaction to do that.”

Spagrud, an engineer, is planning to start another venture in the industry once the deal is completed. “It’s been frustrating for so long, you just want to move on,” he said.

At ClearHedging, a 2.5-year-old firm that provides risk-management hedging advice to oil and gas producers, Chicago-based executive director Brad Carmody said that while current clients are still using its services, new business is “definitely quiet.” With prices so low, he explained, “there’s no interest in hedging at all.”

He and partner A.J. McNally, based in the Greater New York City area, are now figuring out how to pivot in a new direction. “At the time we got into the business, the industry was booming. The price of oil was high,” Carmody said. Now they’re looking at “How do we apply our skill set outside of oil and gas?”

Small vendors—ranging from those who lease out oil rigs to teams that assist in drilling and completing wells—are particularly vulnerable. Many operators who might need their services have been doing their capital budgeting for 2015, said MLV’s Mabry, adding, “We’ve seen a pretty traumatic response. There are hundreds of millions in capital that won’t be spent.”

Industry’s downward slide

For small and midcap firms in the industry, MLV was projecting a 10 percent to 15 percent growth in capital spending before prices plunged. It is now expecting a 20 percent to 25 percent decline, he said.

“Everyone is on edge,” Mabry said. “The companies we talked to said they haven’t even gone back to their drilling contractors. Their vendors have come to them and said, `I know things are getting tight next year. We’re willing to negotiate on rates and work with you in this environment.'”

Some firms that serve the oil and gas industry are finding the lower prices have an upside. TempoIQ, a 14-employee start-up in Chicago, is among them. It offers a cloud-based software system that helps clients interpret data that come from sensors. Oil companies—comprising about 15 percent to 20 percent of its customer base—have used its technology to track data such as pressure readings from sensors on oil pipelines, said Justin DeLay, co-founder and chief marketing officer.

DeLay believes sensors—and the technology to interpret the data they gather—will likely become more important as oil companies look for efficiencies in their operations to offset lower fuel prices. “There is a big push for preventative maintenance,” he said. “They are looking for early warning signs something is about to break.”

In the meantime, clients in other industries have more money to invest in technology now that their fuel costs have decreased, he said. “What we’ve been hearing is, `Hey, we’ve wanted to do a sensor project like this for a while but hadn’t had the ability to do it because we haven’t had enough money to do it,'” said DeLay.


29 Comments on "Oil price crash bankrupting ‘small oil’"

  1. Makati1 on Mon, 12th Jan 2015 8:02 am 

    The Saudi knife is sticking right where they wanted it to be … in the backs of the high cost recovery schemes like fraking, deep sea, and Arctic oil. Eliminate your competition by bankrupting them. They are betting that their foreign reserves can outlast the fraking, etc. competition. Or so it seems to me.

  2. Davy on Mon, 12th Jan 2015 8:08 am 

    Mak, I see this as a friend with benefits situation. KSA know what happens when economies are unhealthy so anything to disrupt the economy is bad. I see what they are doing is good business practices for themselves with the understanding the economy is bad and getting worse. Their actions are beneficial to them if they hurt their enemies well that is a bonus. Yet, all this is above my feeble mind so who knows the higher reality maybe there is an underlying conspiracy in action.

  3. shortonoil on Mon, 12th Jan 2015 10:34 am 

    The shale industry bet that they could beat the Laws of Physics, and they convinced orphans, and widows to put up their pensions to do it. They planned on getting 10 BTU out of oil that only contained 9. For a while they were able to fill in for the extra BTU with a lot of razzle dazzle. Of course the Saudis aren’t buying the hype, and no one else is buying the oil. Another perpetual motion machine Ponzi scheme bites the dust.

    Of course we should feel sorry for the windows, and orphans who will soon be living in cardboard boxes, and eating out of garbage cans. We could also save a little sympathy for the $120,000 per year toolpusher. He will lose his $50,000 diesel pickup, and be stuck sitting on his front porch drinking beer. In totality, however, human stupidity, and hubris has always outpaced its capacity for empathy.

    In General Systems Thinking there is an aphorism that fits this situation: “It ain’t what you don’t know that hurts you; it’s want you know that ain’t so!” Shale was a miracle, and people have been selling miracles for a very long time. Another good aphorism would be: “when someone starts selling miracles – keep your hand on your wallet.”

  4. Davy on Mon, 12th Jan 2015 11:39 am 

    Short said – General Systems Thinking there is an aphorism that fits this situation: “It ain’t what you don’t know that hurts you; it’s want you know that ain’t so!”

    Short: being a Missouri boy I love Mark Twain which I think is where your above aphorism came from:
    It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.
    Mark Twain

    IMA, I am always aware of this because I act like I know more than I do but in reality I am just opining and brain farting. Anyway short, the shale fleecing is just the tip of the spear. The fleecing is so broad based and widespread as to be one big global humanity screw job of many by a few. There are consequences for actions eventually. We often don’t realize what those are immediately. I think these poor choices for civilization are coming home to roost now.

  5. penury on Mon, 12th Jan 2015 12:08 pm 

    What I see is that a large amount of “faith” is being placed in the CBs of the world to always backstop the people who have loaned money to the companies going broke. The idea that the CBs can continue providing liquidity to bond holders for infinity will be tested by the collapse of the commotities and transportation segments of the economy. If the CBs can truly monetize the budgets of all these countries, then nirvana has been achieved. I feel that decline is inevitable and imminent. But I have been wrong for the last six years, so what do I know.

  6. Davy on Mon, 12th Jan 2015 12:17 pm 

    Pen, you bring up a good point. How friggen long can these central banks manage this game they are playing? I guess as long as the global investor lets them. It appears to me to be nothing more than a graft game of economic corruption. The movers and shakers globally are willing to play along so long as they make a return. It does not matter when it will end what matters is the immediate return. Confidence is the key element that seems to remain with those who could bring the system down.

  7. Northwest Resident on Mon, 12th Jan 2015 12:28 pm 

    There is only so much energy, food, water and other resources to go around. And that quantity is constantly depleting at a very rapid rate. At the same time, the number of “claims” on that rapidly shrinking resource base is dramatically increasing with millions of new cute little consumers born daily. Think of it as a shrinking pie with an exponentially growing number of slices being served out daily. It doesn’t matter what debt gets monetized and it doesn’t matter how the central banks manage to hide the problems for another day or two — eventually, things are going to get very ugly. We’ve seen it coming for a long time, and from what I can tell, we’re just about there.

  8. Speculawyer on Mon, 12th Jan 2015 12:58 pm 

    “The Saudi knife is sticking right where they wanted it to be …”

    I’m no fan of the Saudis but they are REALLY getting unfairly blamed for the price drop. They have done NOTHING different . . . they have not changed the amount of oil they produce in any significant manner.

    However, the USA has surged production by more than 4 million barrels per day in the past few years. Yet we blame the Saudis for the oil price crash? That’s silly.

  9. Perk Earl on Mon, 12th Jan 2015 3:04 pm 

    True enough Spec, the Saudi’s are simply holding on for dear fiscal life to market share. We’ve gone from currency wars (which are still in the works) to an oil market share war.

    What is fascinating is this is a multi-country pile up we’re watching in not so slow motion as return on oil is precipitously driving off a cliff. Arctic exploration if off the table for now, deep offshore depends on price points but is getting harder to make a profit, and LTO is on the chopping block as more rigs go offline every week. It’s caving, see below;

    Ron Patterson says:
    January 12, 2015 at 11:39 am
    I have been watching the North Dakota Rig Count all morning. It sat 167 all weekend since I don’t think they update it on weekends. It dropped to 162 very early this morning. I kept watching it figuring it would jump back up 2 or 3 like it did last Monday. But it did not, it clicked down to 160, then 159, then 158, then 157 where it sits right now. That is a drop of 10 over the weekend… so far.

    At noon… it just ticked down one more. Now at 156.

  10. Perk Earl on Mon, 12th Jan 2015 7:46 pm 

    Trading already starting on other side of globe where it is Tuesday AM. Look at these prices! This is getting seriously strange.

    Commodity Units Price Change % Change Contract Time(ET)
    Crude Oil (WTI) USD/bbl. 45.35 -0.72 -1.56% Feb 15 20:09:07
    Crude Oil (Brent) USD/bbl. 46.69 -0.74 -1.56% Feb 15 20:09:57

  11. Mike999 on Mon, 12th Jan 2015 10:18 pm 

    Now is the time for the States to DOUBLE their Wind & Solar investments, and keep these people EMPLOYED.

    Wind is already 2.5 cent per kWh, and with none of the pollution, and earthquake, and cracked Foundations these fracking operations provide.

    If the States Want JOBS Now is the Time to Move into WIND.

  12. Bandits on Tue, 13th Jan 2015 1:37 am 

    Wind will not work without oil.
    You need oil to research, explore, mine, refine, manufacture, deploy and maintain. That does not include finance, establishing and maintaining the grid supply as well as FF or nuclear spinning standby.
    And don’t start with the “we can”, If we” , “we could”. It won’t fly with me. Building wind requires a healthy economy, that means customers that can pay for the utility.
    When oil stops so does everything else in very short order. Lucky for us oil won’t stop on a dime but during the decline it will be used to maintain oil derived infrastructure not build.
    Since when have humans ever considered the future. It will always be………from governments to individuals “fuck you jack I’m all right”

  13. Davy on Tue, 13th Jan 2015 6:40 am 

    Mikie, Bandit makes a difficult to argue point that the greenies can’t get their heads around. The greenies want to believe BAU can work with complex modern AltE renewables. They want to believe AltE can break out and self-replicate without fossil fuels. They want to believe vast grids and storage strategies can work. They want to be called green but propose covering vast stretches of God’s green earth with AltE devices. The production of these devices at that scale nearly as destructive as fossil fuels themselves.

    We have had plenty of time for AltE investment to realize this is apparently not the case. So let’s quit deceiving ourselves and others. This is true of the AGW folks who are placing their hope on AltE. We have to start acknowledging AGW and POD as existential threats along with near term POD induced collapse. I will throw in financial collapse and geopolitical conflict as just as potentially immediate but unpredictable. Once we acknowledge these three topics we further need to acknowledge that collapse and reboot may not leave much civilization.

    Collapse of BAU may be even more ecologically destructive than BAU itself. AGW may have no way to be mitigated until the human species is reduced to a much smaller population. We may see a reboot and ecological healing but 3-5 HUNRED YEARS IN THE FUTURE. With that doom puke said we must and should seek to build out as much as possible low tech AltE, low cost AltE, low power AltE, robustly reliable AltE, dispersed AltE, community level AltE, and individual level AltE, along with lifestyle and attitude changes. Let’s call them the 7 levels of AltE with a lifestyle revolution required. Is this possible maybe a little I hope.

    Mikie, I am all for your AltE just not the shiny and expensive shit. Please don’t blow your technological exceptionalism up my ass because it is nothing but a stinky brain fart of fantasy. There is zero chance in a global BAU of limits of growth and diminishing returns with a global population in overshoot to carrying capacity for us to make your transition. Mikie, there comes a point in a finite world for all systems, species, and individuals to die. We are facing a death on multiple levels. Let us get out of denial and face our deaths and the death of BAU. We can do the best we can to mitigate and adjust to the fall but we can’t stop the fall itself nor manage the systematic fall itself. It will be like a cat’s free fall. Let’s try to somehow land on our feet

  14. rockman on Tue, 13th Jan 2015 6:42 am 

    Spec – “They (the KSA) have done NOTHING different.” It is comical to see such conspiracy theories. As you point out the KSA wasn’t the one to bring so much new oil to the market place…the US did. And the KSA isn’t the only ones to export oil: since Nigeria, Norway, Mexico, etc. aren’t cutting production are they also part of the conspiracy to hurt Russia and Iran?

    And for Makati: it isn’t a given that it costs the KSA significantly less to produce their EXISTING wells: those are very mature fields with high water cuts and significant operational expense. As I pointed out before most US operators can still run their EXISTING wells at a positive cash for with oil under $30/bbl…including the shale players. Now drilling NEW WELLS is another matter entirely. But the NEW reserves the KSA has left to develop won’t come cheap. Such as their new Deep Water discovery…I doubt it will look very attractive at the current oil price. They’ve also had to invest tens of $billions in downstream processing to handle their less than quality crudes they have left to develop.

    And lastly let’s not forget how very dependent the KSA is on oil exports to run their country. If oil prices average $40/bbl less in 2015 it would represent a loss of around $130 BILLION in revenue for the KSA. I’ve yet to see anyone explain how giving up that much income is worthwhile for the KSA in the long term. Those low oil prices will certainly put the skids on some of the shales and the Canadian oil sands projects. But what will happen when prices eventually rebound? Remember the shale plays kicked off when prices were around the current level. And the Canadians: they developed the first1 million bopd production from the oil sands wen prices were significantly lower than today. IMHO it is foolish for anyone to believe those plays won’t get back into high gear when oil prices get high enough.

    So is that the clever KSA: keep oil prices low for many years to shut down a lot of the shale and oil sands production while costing the KSA $TRILLIONS? I don’t think so.

  15. Makati1 on Tue, 13th Jan 2015 7:47 am 

    rock, they don’t have to keep it low for many years, just one or two and their financial reserves have them covered for at least 5 so … yes, they are deliberately keeping the price low to take out their competition. They are not going to lose trillions … not even close.

  16. rockman on Tue, 13th Jan 2015 8:10 am 

    M – So they lose $200 billion in revenue for two years to hurt the shale and oil sands producers. And then they let prices get back towards $100/bbl which puts the shale and oil sands players back into action??? Again, it doesn’t matter at all if every shale and oil sands players goes bankrupt: if prices go back towards $100/bbl the money will be there to rejuvenate those plays. If the Eagle Ford play collapses this year but then oil prices start pushing back up my owner would probably throw a few hundred $million at leasing acreage. Not that we would drill shale wells but we would flip that acreage and make a few $billion just like Petrohawk. LOL.

    Remember what I just said: the shale plays kicked off at prices about where they are today and the first 1 million bopd from the oil sands what developed at a price $20+ LOWER the today’s prices. You have to remember: in N America the oil patch has only three cards left to play: shales, oil sands and Deep Water. If the price of oil is high enough they’ll play the game again. They have no choice: do it or disappear.

    Sorry, buddy, but your argument still makes no sense to me.

  17. Davy on Tue, 13th Jan 2015 8:28 am 

    Rock I have to agree with your comment on shale returning if prices turn. History and experience tell us that. Yet, Rock, there is a sad fact that prices may not go back up. It is nowhere written in science or long term history that something like the economics of BAU and the oil age have to continue. Our BAU world is a cult of gods and superstition revolving around a meme we are exceptional and have destiny.

    While I have no idea the time frame there is every indication of a bumpy descent and a paradigm shift now or in the vicinity. Is this 3-5 or 10-15? I don’t know. Nobody else here knows and nobody else here knows if prices will go up. What I do know is that high prices and low prices beyond a threshold are bad period especially today in our economic state of stable disequilibrium. Somebody tell me otherwise so I can piss on you.

    We are in stable global disequilibrium caused by a global cabal of central bank financial interventionism. This is cementing BAU confidence among the all-important investment community. Yet, it is also destroying the fundamentals of capitalism, democracy, geopolitical peace and our social fabric. How long this will last is not foreseeable but it will not last. The depletion of oil’s economic value to BAU globalism is a scientific reality without doubt. The debate is when and that is a significant debate because humans operate on the time value of their existence with the near term having the highest value. A meal today is worth more than tomorrow when hunger pangs.

  18. Amvet on Tue, 13th Jan 2015 9:37 am 

    Those interested in the banking system may like to read THE CREATURE FROM JEKYL ISLAND which details how John D. Rockefeller and J.P Morgan (a Rotshield agent) founded the Federal Reserve Bank.
    I did not know about bank leverage, i.e. how banks lend more than they have. Nine times seems to be standard. A recent news article said the big German bank used a leverage of 45.

  19. rockman on Tue, 13th Jan 2015 11:09 am 

    Davey – “Yet, Rock, there is a sad fact that prices may not go back up.” Yes indeed. And I survived through such a 17 YEAR PERIOD from the summer of 1986 to the fall of 2003 when the inflation adjusted price of oil seldom got above $40/BBL. Will the current low price period last that long? I don’t know and won’t guess. Ignoring that very anomalous $145/bbl price spike once oil price collapsed from the $80.bbl range in 2005 it wasn’t until 5 years later that prices recovered to that level.

    IMHO the obvious key is the condition of the global economy and the not the amount of oil in the market place. Robust economies ban pay higher oil prices. Static or declining economies can’t. I see a relatively simple dynamic at play. Long lag times but still simple IMHO.

  20. Mike999 on Tue, 13th Jan 2015 12:06 pm 

    What wind can do, is clearly shown in Europe. Europe is moving to EV’s but also Plugin’s across the auto spectrum.

    Also, you can get hybrid utility vehicles as well.

    The EROEI: Energy Returned on Energy Investment is clearly highest with Wind and Solar. Powerlines need far less oil-infrastructure to support then:
    Cargo ships, ports, tanker trucks, gas stations, and pipelines. Not to mention these ships leak and pipelines seem to actually have monthly leaks, and the oil industry typically walks away from the cleanup needed.

    In in electric economy all those problems disappear.

  21. Mike999 on Tue, 13th Jan 2015 12:07 pm 

    Not to mention the national pollution of fresh water supplies in fracking states.

  22. Mike999 on Tue, 13th Jan 2015 12:07 pm 

    If these states want JOBS now is the time to Make a Big Move into Wind.

  23. Mike999 on Tue, 13th Jan 2015 12:08 pm

    So are the Jobs: Staggering.

  24. Speculawyer on Tue, 13th Jan 2015 6:41 pm 

    “Now is the time for the States to DOUBLE their Wind & Solar investments, and keep these people EMPLOYED.”

    Indeed. And push harder to get people to buy EVs. If we moved hard toward EVs, we could keep these gas prices low for a long time. But that is not gonna happen. People still complain too much about cost, range, and refueling speed. :-/

  25. Makati1 on Tue, 13th Jan 2015 6:54 pm 


    “ESSEN, Germany, Jan 12 (Reuters) – Germany’s No.2 utility RWE is cutting back investments in its renewable energy business, under pressure from a crisis in the power sector that has swelled its debt pile to 31 billion euros ($36.7 billion).”

    One of many articles I have read about the failures in renewables in the EU these last 6 months. Pull out the government money and it all collapses.

  26. Bandits on Tue, 13th Jan 2015 10:03 pm 

    One day you guys spew vitriol at anyone that mentions electricity generation or electric cars in the same breath as oil use and claim oil has nothing or little to do with electricity or EV’s then immediately an oil depletion post is made you jump in and declare that more windmills and more EV’s and more solar has to be produced.

    It just proves to me you wankers argue for the sake of it or are in utter denial. You damn well know oil is required to run the show but you are so committed to your Renewables BS you simply can’t get off your high horses and admit there is a vital and at the same time a tenuous link between oil and future wellbeing of modern civilization.

    If you think bankrupting oil production by manufacturing windmills and electric cars is a solution to any of the problems we face, including over population and economics you are simply delusional.

    Obviously you haven’t considered the consequences of not producing or using oil. Just for a second imagine oil going away right now. Now imagine how long it would take to get off oil in a controlled manner? What in the way of food production could be managed? How would heavy transport be handled? How would we build and maintain roads and bridges? I could go on with another thousand questions. It won’t achieve a thing with denial and dissonance.

  27. Davy on Tue, 13th Jan 2015 10:21 pm 

    Bandit, the greenies and AltE priesthood cannot imagine a world that is not complex and full of technology. They are tip toeing with the economist in the garden of exceptionalism. They feel righteous by boasting a carbonless world but with all the BAU amenities.

    This AltE worship is fantasy and illusions. Further it is outright deception to claim environmentalism when so much industrial activity and ecological degradation is involved. AltE should be very high on our list for mitigation strategies but we must not delude ourselves that AltE will save us. BAU cannot be saved. BAU is done and this fact must be adjusted to and the pain of BAU collapse mitigated. AltE is nothing more than a niche for extending BAU when fossil fuel depletion accelerates into a danger zone.

  28. Makati1 on Wed, 14th Jan 2015 7:45 am 

    Rock, I see the financial system under pinning America fraking going bust in less than two years. If it takes three it will be still inside the reserves of the KSA. The economy of the Us is more fragile than an antique glass Christmas decoration. Paper thin and easy to crush. How many black swans can land on it before…

  29. steve on Wed, 14th Jan 2015 6:48 pm 

    now is the time we need to start a war…with oil at these prices it will be half the cost!! (sarc)

Leave a Reply

Your email address will not be published. Required fields are marked *