Global Valve and Controls

Thousands are laid off as Oil drops

If you are looking for a job, you may want to look elsewhere if you are looking in the oil and gas industry.  It sounds bizarre as few months ago companies were hiring like crazy because of all the oil discoveries, but now there is so much fuel that the price of oil keeps dropping lower and lower everyday, thus the oil companies have halted the hiring process and are laying workers off.

"Global oil prices have tumbled almost 60 percent since June, hitting five-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending."