At one time, those employed in the American oil industry were doing well. But with rock bottom prices, many companies have had no choice but to cut the workforce to stay afloat.

According to CNBC, about 93,800 jobs have been cut through the end of November this year, including American companies with operations overseas. To compare, about 11,500 jobs were cut during the same period in 2014. Many companies have reduced the number of operating rigs, meaning there are less contractor jobs needed, too.

Last year, OPEC decided to continue producing the same amount of oil, even though prices had dropped. The effect of this mostly hurt U.S. shale producers, as well as others who produce more expensive crude oil.

Via: CNBC > Oil rout and OPEC reverse surge in energy jobs market