If you own a car, you’ve probably noticed the steep decline in fuel prices over the last 18 months. Those low prices may benefit the consumer, but they’re forcing refiners to tighten their belts.
Specifically, BP announced this week that it will cut 4,000 jobs from its exploration and production workforce over the next two years. RELATED: Are you prepared for a crisis? Build a top-notch incident-response plan with this free download.
“We have to make sure we have a competitive and sustainable business,” David Nicholas, a company spokesman, told The New York Times. “External market conditions are getting tougher.”