oil worker job cuts
  • Job cuts: 20,000

Cheap oil might be great for car-driving Americans, but it's also killing jobs -- tons of them.

Just look at Schlumberger (SLB). The oilfield servicing giant has slashed 20,000 jobs as depressed energy prices have slammed drilling activity.

The timing of the job cuts by Schlumberger are telling. The company announced two rounds of layoffs just four months apart, highlighting how off guard the industry was caught by the steep decline in oil prices.

Schlumberger's workforce is now 15% smaller than it was in the middle of 2014 when oil prices were comfortably sitting above $100 a barrel.

Related: North Dakota hit by falling oil prices

First published September 29, 2015: 5:49 AM ET