Cheap oil’s victims: Civeo slashes over 1K jobs

unemployment-office-door_320x209 Gas at $2 a gallon isn’t good for everyone.

More than 1,000 employees at Civeo (CVEO), a provider of housing for oil workers, have lost their jobs in recent months. There’s concern this is only the beginning of the energy sector layoffs.

Now that crude oil has plunged to nearly $50, Big Oil companies like ConocoPhillips (COP) are significantly dialing back spending. That’s bad news for companies like Civeo that depend on the energy boom.

Civeo primarily houses people working in the Canadian oil sands industry, a previously red-hot area of the North American economy that relies on lofty oil prices to turn a profit.

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