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.

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.

Featured
US-Based National Car Retailer, Which Purchases up to 48,000 Vehicles Annually, Joins Powerband/D2D Virtual Auction Platform

PowerBand Solutions Inc. (TSXV:PBX) is pleased to announce its partner D2D Auto Auction LLC (“D2D”) has reached an agreement with a U.S. national car retailer to purchase used vehicles on D2D’s virtual auction platform.

PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (“PowerBand”, “PBX” or the “Company”) is pleased to announce its partner D2D Auto Auction LLC (“D2D”) has reached an agreement with a U.S. national car retailer to purchase used vehicles on D2D’s virtual auction platform.

The agreement to purchase used vehicles on the D2D auction platform is with one of the United States largest used-vehicle retailers, operating over 140 dealerships in 12 states. The retailer purchases up to 48,000 vehicles annually, which it then sells to consumers. D2D’s goal is to place as many as possible of those 48,000 vehicles on its virtual auction platform. The virtual auctions are also accessible to Dealers – and soon U.S. consumers – through the Company’s Driveaway App.

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Humanigen announced that the first COVID-19 patient has been dosed in its previously announced Phase III study.

Humanigen (OTCQB:HGEN) announced that the first COVID-19 patient has been dosed in its previously announced Phase III study.

The goal of the study is to determine if lenzilumab, the company’s proprietary anti-GM-CSF monoclonal antibody, can be used in the treatment of COVID-19.

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The New Rochelle Police Department has entered into a subscription agreement for the company’s Watchman vehicle recognition software. 

Rekor Systems (NASDAQ:REKR) announced that the New Rochelle Police Department has entered into a five year, $225,000 subscription agreement for the company’s Watchman vehicle recognition software.

As quoted in the press release:

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Heating Oil2.09+0.02
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