Low Crude Prices Leading to Major Job Cuts at Big Oil Companies

According to the Financial Times (of London), the world’s biggest oil and gas companies are cutting jobs, slashing costs, and scaling back investments at the fastest pace since the coronavirus market collapse, as executives brace for a prolonged period of lower crude prices. The reason for the cuts is low oil prices, which FT says have hit the U.S. shale industry "particularly hard." There is no denying that the price has steadily sunk to new lows each month over the past year. However, we now appear to be entrenched in the $60s, although that could change.

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