US Oil Industry Layoffs to Increase to Over 100,000

USA Today reported that the planned layoffs for oil industry workers in the US are approaching 100,000 in the last four months with more layoffs likely to come.

As quoted in the market news:

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 percent drop in crude oil prices since last June.

About 91,000 energy-related job cuts have been made public since early December, says Continental Resources (NYSE:CLR), 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 as U.S. Steel, that supply them. Some cuts have occurred, and most are expected this year.

Oil and natural gas producers, including Chevron (NYSE:CVX) and BP (NYSE:BP,LSE:BP), have said they’re chopping 10,000 jobs. And manufacturers, such as those that make steel for oil pipes and storage tanks, plan about 11,700 reductions.

Click here to read the full USA Today report.