It Begins…Schlumberger Cuts 9000 Jobs
There is new evidence that the falling price of oil and gas are going to be rough on the oil industry.
Schlumberger, the world's largest oilfield service provider is laying off 9000 workers immediately.
That is 7% of their 123,000 member workforce. That is the biggest cut from any company since the price of oil began to slide. In fact, experts say it is one of the largest single job cuts ever during an oil bust.
Many worry that this will affect the staffing decisions of other companies in the industry as the price of oil stubbornly remains under $50 a barrel.