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Employment in California's oil towns suffers as prices plunge
Employment in California's oil towns suffers as prices plunge

Many Californians cheer the rapid fall of gasoline prices. They’re taking extra vacations or padding their savings accounts. Businesses are cutting transportation and production costs, pocketing more profit in the process. But for those who rely on the oil industry for a paycheck, the last few months have been nerve-wracking. Oil companies have already cut nearly 22,000 jobs nationwide since the summer, when oil prices began plunging, according to outplacement firm Challenger, Gray & Christmas Inc. And if past price dives are any indication, more layoffs are coming. “We’re kind of just holding our breath -- there’s going to be a major correction,” said...

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