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U.S. oil companies are cutting jobs by the thousands as they respond to falling crude prices, higher tariffs, and a wave consolidation in the industry.

President Donald Trump promised boom times for oil and gas when he took office in January. Instead, the industry has shed 4,000 positions through August, according to the most recent data from the Bureau of Labor Statistics .

The layoffs come as U.S. crude oil prices have fallen 13% this year due to OPEC+ members rapidly increasing supply to the global market. West Texas Intermediate was trading under $63 per barrel Tuesday, below the breakeven price that many shale oil producers in Texas need to drill new wells at a profit.

The three biggest U.S. oil

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