One of the biggest ramification of oil's recent collapse hasn't just been reduced oil sector profits, but large job cuts as well. WTI Crude Oil Spot Price data by YCharts. With 2015 capital budgets being slashed, by as much as 50% in some cases, recent headlines have been full of grim tales of oil sector layoffs including BP 'srecently announcing a $1 billion restructuring that would mean thousands of job losses.Meanwhile, ConocoPhillips has announced a hiring freeze and is considering laying off employees as part of its efforts to cut 2015 capital costs by 30%. The oil services industry has been hit especially hard with companies such as Halliburton, Schlumberger, Baker Hughes, and Weatherford International announcing: 6,400,9,000, 7,000,and 8,000 job cuts, respectively.