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Massive Layoffs Occurring in the Oil Industry

Screen Shot 2015-01-12 at 08.45.23From an article by Wall Street Sector Selector Staff published 19 March 2015

Massive Layoffs Occurring in the Oil Industry

Husky Energy operating in the Canadian oil sands announced it would cut capital expenditures and put some long-term projects on hold.

Husky Energy announced the layoffs of 1,000 workers.

Suncor and Royal Dutch Shell are both cutting workers in the Albian Sands project.

Twenty three thousand jobs could be lost according to the Canadian Association of Oil Drilling Contractors.

In the United States Baker Hughes has stated it will layoff 7,000 workers. 


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