Here are some points for consideration:
1.If history is any indication (and trust me more times than not it is), this downturn will last for years;
2.If your area of work applies to other industries (unlike petrotech) you will have opportunities outside;
3.A lot of the people that have been with the company for YEARS, do not have the education or the marketability to look for other jobs (did you know we have managers with high school diplomas?!? Believe me…wonder why so many bigots? Uneducated trash everywhere!)
So my suggestion to you is to go look for other opportunities and not to sell yourself short. I expect A LOT of young qualified people to leave this company soon. The way they have been managing it makes anyone wonder: what am I doing working for this company and working with this people????? I hope it helps (so you know, I am on the same boat as you). Good luck.