Crude oil prices nose dived to around $50 a barrel, after peaking at $107 last June. In response, companies have taken an ax to their spending budgets and have cut jobs in the previously-robust energy industry.
Since June, American companies have disclosed 51,747 job cuts directly attributed to falling oil prices, according to data provided exclusively to CNNMoney by outplacement firm Challenger, Gray & Christmas, which closely tracks U.S. companies.
The vast majority of the layoffs — 47,610 — have been announced this year as oil prices have struggled to climb back up from the depths.
“This industry has always been subject to boom and bust,” said John Challenger, CEO of Challenger, Gray & Christmas.