Falling Oil Prices Cost Jobs, Spell Boon Times Elsewhere

January 22nd, 2015
in econ_news

from Challenger Gray and Christmas

The falling price of oil, now at under $50 a barrel for the first time since 2009, has caused a spate of layoff announcements impacting thousands of workers in oil-related industries. Since June 2014, Challenger has tracked 21,917 US job cuts by oil and oil-related industries. Most recently, oil field services giant Schlumberger announced 9,000 job cuts and Baker Hughes reported 7,000.

Follow up:


Last month, 1,000 job cuts were announce by Halliburton. Meanwhile, a division of US Steel that manufactures oil and natural gas pipes announced plans to cut 756 jobs. ConocoPhillips and Apache Corp. also reported job cuts in January.

Noted John A. Challenger, CEO of Challenger, Gray & Christmas, Inc

While falling oil prices will generate job losses for many companies in this field, others will benefit greatly from less expensive oil. Delta Airlines, for instance, just reported stronger financial results in part to the lower cost of oil. Other airlines will no doubt profit from lower oil costs, as will consumers, plastics manufacturers, and automakers, which could benefit from car buyers considering less fuel-efficient SUVs.

Who wins and loses with low oil prices? Will the low price of oil help create jobs in certain industries or lead to job stagnation?









Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.















 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved