• In this Dec. 17, 2014, file photo, oil pump jacks work behind a natural gas flare near Watford City, N.D. As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is wrestling with layoffs and losses. (AP Photo/Eric Gay, File)

    Extended slump in oil taking toll on industry, economy

    NEW YORK (AP) — As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth.