BP announces lay-offs in wake of low oil prices

Oil_barrelBP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude. The company says some of those job losses will be in Alaska, but didn’t give specifics.

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The cost-cutting announced today comes as the price of oil dropped to a 12-year low near $31 a barrel. Part of the decline is due to concern over a drop in demand in China, which is depressing commodity prices worldwide.

Gov. Bill Walker responded to the cuts today, saying in part, the announcement is concerning but “further emphasizes the need to pursue additional resource development opportunities in Alaska, including the 1002 section of ANWR and the Alaska LNG project.”