Report Warns Oil Industry To Reform

As oil prices tumble, the industry is warned to reform if it wants to survive. That's according to a new report by DNV GL, which says companies need to cut capital expenditure and staff, while also putting pressure on the supply chain. Laura Frykberg reports.

Video Transcript:

Consumers may be loving it, the industry certainly isn't.

The plunging price of oil is losing the sector, people, and profit.