OILFIELD LAYOFFS ARE SKYROCKETING IN TEXAS & NORTH DAKOTA

Many companies are proceeding with temporary layoffs due both to crashing oil prices and the spread of the novel coronavirus that causes COVID-19.

(Bloomberg) — One of the most painful busts in the history of crude oil happened just six years ago when a sharp price drop cost 200,000 roughnecks, almost half the entire workforce, their jobs.

The Fed is reacting to the anticipating credit squeeze those states will have with buying municipal debt.

This will also affect municipalities and so The Federal Reserve is expanding its program to bolster money-market funds by extending its support to municipal debt, as well.

The oilfield workers will have a much harder time with layoffs this time around as they struggle in finding jobs outside the industry in the general labor pool. they will find themselves competing with other sectors that are also experiencing mass layoffs because of the coronavirus.

Whether you’ve been laid off from your job or you’re facing a potential layoff, it’s never an easy process, but there are steps you can take before, during and after a layoff. @ ksn.com/news/local/layoffs-what-to-do/