"HOUSTON — The price of crude oil continued to collapse on Monday, plunging to a five-year low, as oil giants began to scale back their drilling ambitions and pare the ranks of their workers.
On the same day that the American oil benchmark traded around $63 a barrel, down more than 4 percent, ConocoPhillips announced it would cut investment spending in 2015 by 20 percent, the biggest sign yet that major oil companies are contracting.
The announcement came on the heels of BP’s notice that it would cut middle management and other jobs in the months ahead."
Clifford Krauss reports for the New York Times December 8, 2014.
SEE ALSO:
"Stocks Fall as Oil Price Slump Hits Energy Sector" (AP)
"Merry Christmas! Gas Price Decline Is Like a Tax Cut" (Daily Finance)
"Low Oil Prices Are Bad News for Norway" (Christian Science Monitor)
"Mass. Residents Enjoy Benefits of Low Gas Prices" (Boston Globe)
"Lower Gas Prices: How Big a Boost for the Economy?" (Wall Street Journal)
"Oil Hits Five-Year Low, Crushing Risk Appetite" (Reuters)
"World Stocks Muted, Dollar at 6-Year High Vs Yen" (AP)
http://seattletimes.com/html/stockmarket/2024488817_apxfinancialmarkets....
"Tesla Tumbles as Gas Price Slide Spurs Demand Concerns" (Bloomberg)
"Low Oil Prices Are a Good Thing, Right? Not Always." (Christian Science Monitor)
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