Thousands lose jobs due to Oil price crash

As crude oil prices continue slipping, jobs are being lost in the thousands. The latest: oilfield services provider Baker Hughes (BHI), which said Tuesday it plans to lay off about 7,000 employees – or about 11% of its workforce – in the wake of a nearly 60% drop in the price of crude oil. Schlumberger announced plans to cut 9,000 employees, about 8% of its global workforce. Suncor Energy earlier announced plans to cut 1,000 workers from its Canadian tar sands projects. In December, Halliburton announced it would cut 1,000 workers, about 1% of its workforce. Apache Oil has terminated 250 employees, or about 5% of its employees.

source: USAtoday

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