Companies big and small feel the pain of low oil prices

The world’s biggest oil companies are slashing jobs and backing off major investments because of low oil prices and there may be more pain to come, reports The Associated Press. While noting that BP, Shell and Chevron have been eliminating jobs, the news service says the numerous companies that do business with them, such as drilling contractors and equipment suppliers, will be affected the most. Some 95,000 jobs were lost in the energy sector by U.S.-based companies in 2015 compared to 14,000 in the prior year, according to the consulting firm Challenger, Gray & Christmas.