This is all really on point except I think you must not work in oil and gas because exploration (geologists) and rig workers (drilling) are the first to get laid off when prices drop - these are both on the front end of drilling new oil wells and drilling/exploration stops when the money stops. These people command very high salaries while they are working to make up for getting laid off. The evidence is obvious - look at the trend of rig counts vs commodity prices. No rigs = no rig workers. But the existing wells keep producing regardless of price.

What goes on is upstream work (production from existing wells) midstream work (transportation/pipelines) and downstream work (refining/consumer distribution. You have it backwards. All these people I mentioned experience layoffs too but in considerably more favorable and disproportionate numbers compared to exploration/drilling in a downturn.