Plunging Oil Prices Force Producers To Lay Off Skilled Workers
Gasoline prices have been plunging this fall, which is great for consumers. But it has been very hard on oil producers, who have been laying off legions of skilled workers. To hang on to their key employees, some companies are offering unpaid sabbaticals or trimming pay across the board to reduce labor costs without layoffs. But for many employers, times are so hard that they have no choice but to keep cutting employee ranks.