re: I heard layoffs happened at Schlumberger today

quote:

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US Steel just laid off 600 workers last week because the demand for pipe has gone down.

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They shutdown plants last year before oil tanked. Their profit margins are razor thin because there is a huge influx of pipe from Asia.

However it brings up a good point as to how this downturn effects other types of companies as well. A lot of vendors and service companies will close down, and they weren't necessarily the guys driving jacked up trucks and buying mud boats.

I'm in environmental consulting and we have clients in various levels of O&G. While we aren't hurting yet I've already had clients ask me to keep costs to a minimum more than before.