Falling Crude Oil Prices Prompt Oil Company Cuts

While U.S. consumers and businesses are in a holiday mood over the dramatic tumble of oil and gasoline prices, the companies that produce and supply that oil are finding themselves in a pinch.

The price of crude oil fell during Monday trading to less than $63 a barrel, the lowest level in more than five years, and it has dropped about 35 percent since June, boosted in large part by the North American shale oil and natural gas boom.

On Monday, ConocoPhillips, which has offices in Bartlesville, announced plans to cut back its 2015 capital projects budget to $13.5 billion, a decrease of approximately 20 percent compared to this year.

ConocoPhillips news release

And on Sunday, British Petroleum said it was suspending some projects and giving many of its mid-level managers pink slips.

The U.S. Energy Information Administration reports U.S. proved oil reserves increased for a fifth straight year in 2013, while the nation's proved natural gas reserves rose 10 percent and are currently at an all-time high.

CBS News contributed to this report.