Crude oil prices have declined more than 50 percent since last year. Fracking companies in places like North Dakota, West Texas, parts of Oklahoma and Kansas have all taken a big hit.
Many are filing for bankruptcy protection or going out of business.
“There were a large number of new entrants into the fracking business during the last four to five years,” said industry analyst James West of Evercore. “These are very small … they were building out their fleet. And now they’re finding there’s no work out there, and so they’re having to close their doors.”
“These are primarily lower-skilled jobs,” West said, such as workers on a fracking crew who operate the pumps.
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