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.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.