Im a mechanical engineer - Work for Caterpillar Inc.
I wasnt sweating until the financial meltdown because if things continue folks will quit buying much of our product. I cant comment beyond that, I havnt seen a slow down in our business yet but logic tells me it will happen.

High commodity prices favor our business because we sell equipment to the mining and oil industry. Ive personally given Halliburton and Schlumberger execs guided tours of the facility I work at.

A Weak dollar can also favor our business - since we are an exporter, although we have moved some of our export business overseas to be closer to the customer.

Having said all that I think being an engineer is a good thing, even without my current employer. I could help design wind turbines, hydro projects or other means of trasnportation.

My job as a diesel engine designer is probably limited, but im not limited to diesel engine design.

I think its also important to have other basic skills. I hunt (firearms as well as a bow). Know how to prepare your own kills. Know how to sew. Plant a garden. You get the idea. Your job is important but I think of equal importance will be those long lost skills that some folks practice today as a "hobby".

As an engineer you get paid for what you KNOW not for what you DO, but dont be complacent. Manual skills will be increasingly important.

I'm a student of chemical engineering in Canada. My current plan once I graduate is to get some experience in the Alberta tar sands industry, and move from there to working with renewable fuel sources such as biodiesel. I realize that many chemical engineers work on large industrial plants that might not be economical post-crash, but even if the economy becomes severely localized there will still be demand for locally-produced biofuels and fertilizer for agricultural use (assuming this is net energy positive).

I would be interested in hearing from others who might know about further opportunities in chemical engineering.

As a chemical engineer with ~7 years of experience, I can say that it is certainly an employee's job market (or it was a few weeks ago when I last checked around).

It still seems that the general disinterest in the engineering fields is now showing up as a talent deficit for companies just trying to replace retiring boomers. It will be much more problematic to try to expand to meet future challenges.

A quick glance at www.careerbuilder.com shows that I have literally hundreds of opportunities in areas that my wife and I are considering moving to in the next few years (more sustainable than the Columbus, OH region).

It will be interesting to see how this plays out in time.

As far as my current job goes, the market outlook for the next few months looks bleak. Orders are way down and my line is likely to be idled for a week or more in December.