The U.S. oil industry is facing layoffs and spending cuts due to lower oil prices, potentially marking the end of rapid output growth that made the U.S. the top producer. OPEC+ is increasing output to regain market share, driving international oil prices down by 12%. Companies like ConocoPhillips and Chevron have announced significant layoffs. U.S. oil rig count has fallen, and analysts predict a decline in production. Trump’s trade policies and tariffs are raising costs for the industry. U.S. oil and gas production jobs have fallen, and analysts foresee a slowdown in production growth.

Read more at Yahoo Finance: Analysis-Cuts to US oil jobs and spending threaten output growth