Halliburton Co. and Dresser Industries Inc. has gotten Justice Department approval to merge as long as the company divests some divisions. Western Atlas Inc. The grim situation is a contrast to the buildup in the services industry that occurred during 1996 and 1997. At that time, the oil and gas service industry experienced a general improvement in product demand and pricing due to a strong world economy, which helped increase exploration and development. That means there are more jobs around today that must be cut. Despite the cuts, few insiders have rosy views for next year, even if prices go up due to hostilities in the Persian Gulf.
Most analysts say they expect spending on oil services to continue to fall.
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