Effects of the oil price plunge
Many Californians cheer the rapid fall of gasoline prices, but for those who rely on the oil industry for a paycheck, the last few months have been nerve-wracking. Since June, oil companies nationwide have cut nearly 20,000 jobs, according to career counseling firm Challenger, Gray & Christmas. Kern County, home to the five most productive petroleum fields in the state, has declared a fiscal emergency.
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Each year, the American Assn. of Drilling Engineers hosts a meeting here affectionately called the Liar’s Club.
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American Airlines, the world’s largest carrier, took a big gamble in fuel buying last year — and it paid off in record profit.
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Many Californians cheer the rapid fall of gasoline prices.
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Kern County supervisors declared a state of fiscal emergency at their weekly meeting Tuesday in response to predictions of a massive shortfall in property tax revenues because of tanking oil prices.
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For Janneth Agudelo, the cars and trucks lining up at gas stations in northern New Jersey bring back memories of Hurricane Sandy, when the power was out, gas was scarce and drivers waited behind dozens and dozens of vehicles to fill their tanks.
