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Oil Jobs Dry Up as Mergers, Low Prices and Tariffs Rock Energy Sector
Cheddar News
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2 months ago
U.S. oil companies have cut over 4,000 jobs this year amid falling crude prices, increased tariffs, and massive industry consolidation.
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00:00
U.S. oil companies have cut over 4,000 jobs this year amid falling crude prices, increased
00:06
tariffs, and massive industry consolidation, defying earlier promises of a boom under President
00:13
Donald Trump.
00:14
Major players like Exxon, Chevron, and ConocoPhillips are slashing thousands of jobs following
00:20
multi-billion dollar acquisitions, while broader energy sector layoffs have jumped 30% year
00:26
over year.
00:26
Crude oil prices have dropped 13% this year, dipping below the break-even point for many
00:32
U.S. shale producers.
00:34
The move has prompted criticism that the administration's policies favor OPEC Plus at the expense of U.S.
00:40
drilling.
00:41
Executives warn that the President's push for cheaper oil, combined with high input costs
00:46
from tariffs, is eroding the once-innovative U.S. shale industry and stalling future hiring.
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