Cheap oil prices chop jobs by thousands
Planned oil industry layoffs in the U.S. are approaching 100,000 in the past four months with more likely to come.
Oil-producing states such as North Dakota, Texas, Oklahoma and Louisiana are catching the brunt of the cutbacks just as consumers are enjoying cheaper gasoline prices brought on by the 55% drop in crude oil prices since last June.
"The entire Midwest from Texas to North Dakota is really feeling the effects," says Moody's Analytics economist Aaron Smith.
About 91,000 energy-related job cuts have been made public since early December, says Continental Resources, the Oklahoma City-based oil producer, which has been tracking companies' layoff announcements by the week. They came from oil exploration and production companies, oilfield services companies and manufacturers, such
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