{"id":5057,"date":"2015-01-30T16:00:10","date_gmt":"2015-01-30T21:00:10","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5057"},"modified":"2015-01-30T16:00:10","modified_gmt":"2015-01-30T21:00:10","slug":"chevron-slashes-23-of-pa-workforce-as-us-rig-count-collapses-to-june-2010-lows","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5057","title":{"rendered":"Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows"},"content":{"rendered":"

Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows<\/a><\/h3>\n

For the 8th week in a row (something that hasn’t happened since June 2009), US total rig count plunged.\u00a0This week’s 90 rig drop to 1543 is the largest so far<\/strong>\u00a0(with oil rigs down 94 to 1223 – lowest since Jan 2013).\u00a0 The total rig count is now down 20% in the last 8 weeks to the lowest since June 2010 as it tracks the 4-month lagged oil price perfectly.\u00a0This is the 2nd biggest 8-week drop in 22 years.<\/strong>\u00a0This – rather unsurprisingly – has led\u00a0Chevron to decide to cut 23% of its Pennsylvania workforce “due to activity levels.”<\/strong>\u00a0Not ‘unambiguously positive’ as so many in the central planning bureaus would have everyone believe.<\/em><\/p>\n

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The Rig Count continues to plunge along with lagged oil prices…<\/p>\n

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Obviously for oil prices to eventutally stabilize, production will have to slow and rig counts plunge further.. and so will jobs…<\/p>\n