Baker Hughes to lay off 7,000 as oil patch layoffs mount

As crude oil prices continue slipping, pink slips are mounting in the oil patch.

The latest: oilfield services provider Baker Hughes (BHI), which said Tuesday it plans to lay off about 7,000 employees - or about 11% of its workforce - in the wake of a nearly 60% drop in the price of crude oil.

"While market demand ended up being more resilient in the fourth quarter than many had predicted, the recent declines seen in rig counts will clearly affect results in 2015, '' said CEO Martin Craighead. "We are taking proactive steps to manage the business through these challenges." 

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And so it begins... Should start seeing some really great deals on firearms and home electronics pretty soon.