ANCHORAGE, Alaska (KTUU) – ConocoPhillips’ recent layoffs of about 12.5% of its North Slope workforce reflect typical industry responses to declining oil prices, according to a University of Alaska Anchorage economist.
Brett Watson, an associate professor and natural resource economist at UAA, said the workforce reduction does not come as a surprise given current market conditions.
“This is a move that’s fairly typical of energy companies when they see decreases in prices,” Watson said. “Oil prices have been low now for about the last year and declining.”…