Is it a good idea to major in Petroleum Engineering since the downfall?

I've only been working in the oil and gas industry for about six months, so my answer might not provide much insight industry wise. Mehran Janghorbani made great points in his answer [Mehran Janghorbani's answer to Is it a good idea to study petroleum engineering?]. I will try my best to give perspective as a "fresh" hire.

The people telling you it isn't worth studying petroleum engineering because of the oil prices? Clearly, bullshit.

Oil prices fluctuates all the time. Recently, A colleague told me over lunch how he spent the 2008 oil price decline working, feeling guilty because some of his friends at work got laid off. When the oil price climbed and finally stabilised, the company re-hired them back. He laughed after recounting this and said the few people who were laid off recently will most certainly get their job back, and there is nothing to worry about. Of course, that could be just my employer; I can't speak for other companies.

When I first decided to study geology many years ago, many were surprised when their comment of "Oh, the oil and gas industry pays well!" was met with a scowl. I didn't want to study geology because I want to get paid well. I want to study it because I want to satisfy my curiosity of rocks. I even thought of getting a master degree in engineering geology.

People around me all thought I finally gave in and entered the oil and gas industry because I had no choice. They didn't know I'm still studying geology everyday - from an engineer's perspective! I love every moment of it.

So, is it a good idea to study petroleum engineering still? If you think it's definitely something you will enjoy the next five, ten, twenty years, go for it. Oil price may suck now, but it won't suck forever.

Hope this helps!