HOUSTON – With the price of oil now hovering near $50 a barrel, the plummeting cost of oil is hitting Houston-based Halliburton hard.
The oil and gas drilling services company announced it's cutting anywhere from 5,000 to 6,500 jobs companywide because of sluggish oil prices. That could be up to 8 percent of its workforce. Last month, Halliburton said it would cut 1,000 jobs, including some here in Houston.
Energy is not Houston's only industry but a local energy expert tells KPRC2 the ripple effect will directly impact our area in many ways.
Houston will likely not have the kind of growth seen in years past and the local economy will experience a slowdown.
A weaker local economy could cause the hot housing market to cool, along with the skyrocketing cost of rent, which would likely flatten out.
Future residential and commercial development projects could be put on hold.