Low oil prices have prompted Chevron to make cutbacks, including cutting up to 7,000 jobs over the next two years.
Chevron plans to cut up to 7,000 jobs for the next two years due to low oil prices. Capital and exploratory projects will be delayed as well.
“With the lower investment, we anticipate reducing our employee workforce by 6-7,000,”stated Chairman and CEO John Watson
The energy company employs around 64,700 people. A cut of 7,000 people reduces the workforce by 11%.
Chevron is based in San Ramon, CA, but has offices in Houston, Singapore, and London. They did not announce exactly where all the cuts will take place, but 600 jobs have already been eliminated in California this year.
“We are working on reducing costs throughout the company,” explained Watson.
Source: Breitbart
The problem is that the oil cartel OPEC has been actively beefing up their muscle with the huge share of global oil reserves that they hold. They don’t want other sources, like the oil sands of Canada or off-shore drill sites, to become viable options for companies like Chevron.
If oil prices remain artificially low, there simply won’t be as much demand to go into areas like that to seek new sources of oil. What this means for American companies, however, is an increasing desire to seek out those same sources to escape OPEC’s influence. If American oil companies want to remain afloat, they’ll have to become independent of OPEC.
Its low gas prices.
Another government great idea Americans didn’t want.
Want low gas prices last year $4. A gal.