Low oil prices lead to more layoffs, Bakers Hughes laying off 7,000 employees

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HOUSTON, Texas -- While most of the public continues to enjoy lower prices at the pump, oil companies are trying to cut costs and that means layoffs.

The falling oil prices, crude is down nearly 60 percent,  is forcing Houston energy companies to cut costs and combine. Halliburton is buying out rival oil company Baker Hughes.

Halliburton is the second-largest U.S. oil services provider, and it's just agreed to buy Baker Hughes in a stock and cash deal valued at 34.6 billion dollars.

This big move, also, means a big loss in jobs. Baker Hughes plans to lay off about 7,000 employees. The Halliburton deal is expected to be completed in second half of next year.

Analysts say they anticipate seeing more mergers in the energy industry as the price of oil continues to fall.