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With crude oil prices down as much as 75% since June 2014, energy-centric US markets have taken a big hit, with jobs being cut left and right. Since December 2014, Texas—one of the big energy-centric markets—lost around 76,000 jobs in oil and gas production and exploration.
“We were the first ones to go,” says Robert Daniels, an oil field veteran with 17 years of experience. “It hit us out of nowhere.” The owner of a catering company that serves oilfield workers tells Bloomberg he lost all 85 of his clients after the price drop.
In our Video of the Day, Bloomberg takes a look at how the price of oil impacts local markets—and the human toll that follows in its wake.
