People are already losing jobs. It won’t affect me in electrical, but surveyors and other oil specific trades are all feeling it. The economic hit from that is far greater than a few bucks saved.
I'm an electrical engineering working oil/gas/petrochem. It is already having an effect in new project work. When we don't design new work, construction trades hire less of everyone.
I know Substation contractors that were going full-speed for Texas oil field locations are slowing down already.