The energy industry was booming in January, along with the rest of the US economy.
For the first time in over 40 years, the United States is again energy-dependent. Energy companies were hiring in North Dakota, West Virginia, Pennsylvania, Texas, and Oklahoma.
Then COVID-19 hit eventually leading to the shutdown of the US economy. With fewer people working, traveling, or attending church, the demand for gas dropped significantly.
As a result, numerous industries have seen huge drops in cash flow and are having to make difficult decisions to ensure they stay solvent until the country has fully re-opened.
WTI crude prices have fallen more than 42% from their pre-pandemic peak, and are down some 6% this week to $36.02 per barrel as investors trim bets on near-term demand amid new lockdown orders in Europe and slumping gasoline consumption in the United States
The cuts come as Exxon seeks to slash its global workforce by 15 percent over the next two years.
Exxon said the job cuts, part of a global reorganization, will come mainly from its Houston office and will include voluntary and involuntary programs.
Employees who are separated through involuntary programs will be provided severance and outplacement services.
‘The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work,’ the company said in a statement.
‘These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions,’ the company added.
Exxon and thousands of other businesses will be directly affected by the outcome of the November 3rd election.
President Trump is pushing to re-open the country, NOW!
A Biden administration would shut down the country a second time, pass the new green deal destroying the energy industry, and have said Americans should get used to this new “normal” life.
Will will know in less than a week, liberty or tyranny, and will have to make our plans accordingly.