Tuesday, February 02, 2016

The world according to oil.

It's officially worse than the Great Recession.

"SAN RAMON -- Chevron lost $588 million in the fourth quarter of 2015 -- its first quarterly red ink in 14 years -- prompting the company to warn that a fresh round of expense reductions, possibly including job cuts, are in the offing for 2016.

The loss, unleashed by a slide in oil prices, compares to a profit of $3.47 billion for the year-ago fourth quarter. The last quarterly loss for Chevron came in the July-September period of 2002."

I've only been paying attention to oil for about a year and a half because I knew this was going to be very negative for the economy despite what all the pundits tries to convince everyone.

Chevron is local to me so I kinda watch them. When they lay off, the East Bay gets hit. 

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