Energy Sector Taking Its Belt-Tightening Turn

When crude oil prices in 2008 peaked at around $140 a barrel, then-Continental Airlines president Jeff Smisek said oil and gas clients were "living large and flying all around the world up front and spending money like drunken sailors." The global financial recession shortly thereafter hit prices hard, but oil rebounded to more than $100 a barrel by 2011. Prices now are falling down a well again and the message from the sector isn't very rosy.

It's the oil companies' turn to tighten their belts. Some are bracing for reduced discretionary spending this year, including some corporate . . .

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Author: David Jonas

David Jonas in 2006 co-founded business media firm ProMedia.travel after ten years as a journalist with Business Travel News. David rejoined BTN in 2010 as executive editor when its parent company acquired ProMedia, and in 2014 co-created The Company Dime. David has a bachelor's degree in communications from Cornell University.