Schlumberger cutting 9,000 jobs as oil prices continue to fall

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

HOUSTON, Texas – As many drivers are celebrating low gas prices, some oil workers are worried about their jobs.

According to USA Today, Schlumberger is planning to cut 9,000 jobs as the price of oil continues to fall.

The company said the move was to “better align with anticipated activity levels for 2015.”

Also, Apache Corp. began laying off about 5 percent of its workers earlier this week.

Last month,  Halliburton said it was planning to cut 1,000 positions, while BP announced an unspecified number of layoffs as part of a $1 billion restructuring program.

While you are filling up your car or truck, investment experts say you may also want to look at investing in oil company stocks.

‘Buy low, sell high’ is the old saying, but there’s a catch.

“This may not be the bottom,” Greg Womack, a financial planner with Womack Investment Advisers, said of oil company stock prices. “They’re sure a lot cheaper than just a couple months ago. In some cases, just a month ago.”

But there is a bright side for everyone else.

According to Deutsche Bank, for every penny that consumers save on gasoline, U.S. households can spend about $1 billion more in the broader economy.

Most experts don’t believe the price of gas will stay this low for long.

A survey of investment strategists found that most believe the price of crude oil will rebound in 2015 and bring in nearly $74 a barrel.

See a mistake? Report a typo here.

Latest News

More News

National News

More National

Washington D.C.

More Washington DC Bureau

Your Local Election HQ

More Your Local Election HQ

Latest News

More News


KFOR Podcasts

More Podcasts

Follow @KFOR on Twitter