Baker Hughes, one of the largest oil services companies in the world warned “challenging” condition of the oil industry going forward.  It announced plan to cut 7,000 jobs, 12% of its worldwide headcounts, in conjunction with its quarterly earnings today.  Just last week, another large oil services company Schlumberger said it would cut 9,000 jobs.

Plunging oil and gas prices’ positive and negative impacts are starting to reflect on US and world economies.  Job cuts would inevitably affect the fragile housing market…