BP to Cut 4,000 Jobs as Oil Prices Continue to Fall

[Purveyor]

Source: New York Times

LONDON — The persistent plunge in oil prices has translated into a new round of industry job cuts.

The British oil giant BP said on Tuesday it would eliminate 4,000 of the approximately 24,000 positions in its exploration and production units this year. That would be in addition to about 4,000 jobs that the company cut last year, when it trimmed its work force to about 80,000.

“We have to make sure we have a competitive and sustainable business,” David Nicholas, a company spokesman, said by telephone. “External market conditions are getting tougher.”

After oil prices began dropping in 2014, BP was among the companies warning that the price plunge could be deep and sustained. After falling about one-third last year, prices are down an additional 15 percent in the first 12 days of 2016.

Read more: http://www.nytimes.com/2016/01/13/business/energy-environment/bp-jobs-oil-prices.html

[randys1]

1. Companies like this will always make sure the top dogs have more money than any

200 people combined would ever need.

If people become homeless or starve, they do not care.