Oil Giant Shell Says Demand Is Weak, Outlook Is Uncertain, And That It's Going To Be Giving Out More Pink Slips

If you figure a giant oil multinational is a good proxy for the global economy, then Shell's latest report won't be too comforting.

The company reported a Q4 profit of $1.96 billion, but the company's refining business is still getting killed on weak end-customer gasoline demand.

And so it intends to cut another $1 billion out of its expenses, and slash another 1,000 jobs in the new year.

If you want to see a chart that really explains what's going on, this one we posted yesterday from Schork tells the story.

We're just not headed to old gas consumption highs.

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See Also:

• Oil Traders Blind To The Fact That America Is Kicking Its Oil Habit Fast
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