Ensign Oil Services of Bakersfield has noticed they plan to lay off 700 workers in coming weeks. The Canadian-based oil field service company that mans oil rigs in California filed a mandated notice with the state this week.
While plunging oil prices have been good news for California motorists at the pump, it has been a different story at the drilling end with growing pain in oil producing areas like Kern County.
Oil prices have dropped about 50% this year with the expectation of less oil being produced going forward in Kern County, the state’s largest oil producer. Almost 12,000 are employed in Kern County in the oil business.
Local officials expect a big drop in property values as a result, putting budgets in shock.
The US oil patch including Texas and Wyoming expect a similar pattern. Earlier this month Halliburton Co. , the world’s second-largest oilfield-services company, said Thursday it will lay off 1,000 employees outside the U.S.