Oil companies in the United States are slashing thousands of jobs, despite promises of an industry boom under the Trump administration.
The latest data from the Bureau of Labor Statistics shows that the industry has cut 4,000 jobs through August, a response to a variety of factors, including increased tariffs and falling crude prices.
Crude oil prices have fallen 13% this year, and now, the three biggest oil companies in the States, Exxon Mobil, Chevron and ConocoPhillips, have all announced job cuts in the same time period.
Exxon is slashing 2,000 positions and putting a restructuring plan in place, according to an announcement made earlier this week.
This comes in addition to the announcement made by Chevron back in February with plans to cut up to 20% of its workforce through next year, and Conoco similarly announced earlier this month that it would cut up to 25% of its workforce.
According to data from Challenger, Gray and Christmas, the broader energy sector has also continued to undergo job cuts, with 9,000 positions cut through August of this year, marking roughly a 30% increase in layoffs compared with the same time last year.
