What now for the oil and gas industry's professional dimension?
It is, of course, too soon to declare $10/bbl oil yesterday's news. The possibility nevertheless looms that the recent layoff spree by oil companies will appear in retrospect to have been hasty.
Yet what are companies to do when their central commodity loses half its value in 2 years' time? Durable profitability is essential. Workers cost a lot of money. When oil prices slump, something must give, including payroll.
The numbers, however, are startling. In its February Statistical Report issued this month, American Petroleum Institute estimates that in the U.S. alone the upstream o...