Low oil prices means hundreds of thousands of layoffs for oil workers

The oil industry has laid off almost 100,000 people this year with 12,000 of those in the US and that means hard times for oil producing California towns like Kern Country home to the Monterey Shale formation.

Along with the oil workers, called roughnecks, there are also office workers, engineers and geologists losing their jobs.

Low oil prices might translate in low gas prices at the pump, but they’re no fun for oil workers who lose their livelihood.

Read more at the Inquisitr

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One thought on “Low oil prices means hundreds of thousands of layoffs for oil workers”

  1. Is this a new order of things? World wide oil demand is falling, prices are falling because capacity exceeds demands, and the movement is beginning to strengthen for green energy. I would expect prices to stabilize at a somewhat higher level as capacity and demand become more in balance, but the North Dakota oil boom is over.

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