ConocoPhillips Fires 10% Of Global Workforce, Warns Of “Dramatic Downturn” To Oil Industry
Remember when the oil crash was supposed to be “unequivocally good” for the global economy and the US consumer, only for this to be disproven as the biggest macroeconomic lie since “QE is good for the people”? We do – quite vividly – which is why in December of last year we presented “150 Billion Reasons Why Low Oil Prices Are Not Good For The Global Economy” and countless other articles subsequently explaining why the great oil collapse of 2014 (and 2015) is actually “unambiguously bad.” It took the so-called experts the usual 6-8 months to catch up, and admit they were wrong or at least stay silent this time.
In fact, 10 months after our first exposition on the death of the Petrodollar, the massive upcoming reserve liquidation (read Treasury selling) that is about to be unleashed as a result of the soaring dollar and plunging price of oil, has finally become a topic du jour at such banks as Bank of America and Deutsche Bank, who have finally grasped that the great oil crash precipitated nothing short of the world’s first Reverse QE episode in history as some $10 trillion in accumulated reserves start being sold.
That, however, mostly impacts the uber-wealthy: those whose net worth is invested in financial assets which are about to be sold en masse by some of the world’s biggest central banks. Where it hits much closer to home is when firms such as Houston based ConocoPhillips announce that the E&P giant is about to terminate 10%, or 1,800 people, of its global workforce, in the next several weeks as it copes with low oil prices.
As the Houston Chroncile’s FuelFix blog writes, “Daren Beaudo, a company spokesman, confirmed that an internal communication was sent to employees earlier this week informing them of the upcoming staff reductions. Most of those affected workers will receive layoff notifications next month.”
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