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Veggie-Plastic Company CEO Sees ‘Cause For Optimism’ in Oil & Gas Sectors as Oil Prices Consolidating in Mid $50 Range

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Reno, Nevada, January 9, 2017 – The Chairman and CEO of one of North America’s most pioneering protective coatings companies Castagra’s Peter Roosen commented today, “The proposed cutbacks by OPEC last month and oil prices seemingly consolidating round the mid-$60 range, does give us cause for optimism in the US oil and gas services sectors for 2017.

“The shock effects of the precipitous oil price falls caused many corporate casualties, but the strong and nimble survived by being innovative with cost cutting, and now they are starting to reap the benefits of oil prices being above $50.”

Roosen said he considers Goldman Sachs’ forecast earlier this month of oil prices remaining under $60 during the first half of 2017 to be realistic.

“Overlaying the entire US oil and gas sector is the imminent presidency of Donald Trump who is avowed to put America first and re-generate the nation’s infrastructure which, in many cases such as bridges, roads, pipelines, is badly in need of upgrade, renewals, extensions, or all three.

“Trillions of dollars being pumped back into the US industrial core will not only create desperately needed, solid blue-collar jobs, but also feed back into the entire US economy and help distressed inner city cores revitalise in former industrial cities such as Pittsburgh.”

Roosen said that Castagra had to diversify rapidly to survive. Having built up a business largely focussed on the oil and gas sectors with many hundreds of tanks coated for global leader named companies, the focus switched to commercial and industrial roofing and flooring, and the waste water industry.

“It is a little ironic that now one of the most profitable areas for us is related to the automobile. Our business with residential garage flooring, providing homeowners with showroom standard flooring, has taken off beyond our wildest imagination,” commented Roosen.

“The old maxim about your home being your castle has never been more true as now. People not only delight in vehicle ownership, but they are now making a statement about how important their pride and joy is to them.”

Roosen concluded, Two years ago, between November 2014 and January 2015, oil prices on international markets fell by nearly 80 percent which stunned the world.
“Right now I am genuinely excited for America and its global standing and how it is going to perform in 2017. I am especially pleased with the investment focus of the new presidency on creating meaningful, real jobs for people who deserve then which is anyone who believes in America and its future.”

Castagra Products, Inc., which has its headquarters in Reno, Nevada, has its main toll production facility in Houston in Texas. It is focussed on providing ultra-protective VOC-free, BPA-free, non-toxic coatings for flooring, roofing, water and waste water industries and oil, gas, frac production water storage tanks and pipes.