Crunch!
The oil sector continues to be squeezed.
Halliburton Co. has just announced it is slashing 5,000 positions, or 8% of its global workforce. The latest round of cost-cutting comes less than a month after Halliburton said it had laid off another 4,000 workers at the end of 2015.
Yesterday, North Dakota's largest oil producer, Whiting Petroleum, said it would suspend all fracking.
It is the biggest cutback to date by a major U.S. shale company reacting to the plunge in crude prices.
Enjoy the low gasoline prices while you can. They will not last. Global oil production is only months away from serious decline.
Please note: This is not a business cycle related collapse. It is a sector problem. The overall Fed-manipulated boom remains in progress.
-RW
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