January was the 7th consecutive month of declining monthly average oil prices. According to the Peninsula Job Center it doesn’t seem to be affecting many local jobs.
Garcia: “I have not, I was actually thinking there would be quite a few people laid off but there’s only just been about 15 people laid off so it seems like everyone is still working.”
That was Employer Connections Strategist Jackie Garcia with the job center who said they have not heard of any upcoming lay offs either.
In January North Sea Brent crude oil prices decreased all the way to $44 per barrel which is the lowest since March 2009.
According to the U.S. Energy Outlook Administration that decline was caused by continued growth in U.S. oil production and strong global supply along with weaker global oil demand growth, which contributed to rising global oil inventories.
In the first weeks of February, crude oil prices have increased to $52 per barrel.
