Setting Us Up For $200 Oil -- COP To Get Out Of Deep Water E & P -- September 1, 2015

They can't "turn on a dime" in the ocean. Fox 2 Houston is reporting that COP will lay off 10% of its workforce, most of it in North America, and most of it related to "deep water." From the company:

"We have taken several significant steps as a company to strengthen our position, including reducing our capital spending and future deepwater exploration program. However, the workforce reductions are necessary to become a stronger, more competitive company."

Look out in 2020, if not sooner. And then Congress will call for investigations why the price of oil is so high.