Dan Dicker, energy contributor at TheStreet, talks with Stephanie Link, co-portfolio director at Action Alerts PLUS, about the avalanche of job losses announced at the major oil services companies. This week, Halliburton announced that they will cut 6,500 jobs and Weatherford will cut 5,000, joining Schlumberger, which already announced a cut of 9,000. Low oil prices will affect the oil services names first, as their work decreases as oil companies slash the number of working rigs they are willing to support. Job losses from oil services names are just where the shale bust begins, Dicker says, as U.S. shale producers will have to follow suit with job cuts of their own. Dicker believes the full impacts of this oil bust are only in their first stages.
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