Abstract: Due to global financial crisis，the global oil prices will fall；so will the domestic ones. As a result，work capacity of E&P (short for exploration and production) reduces，positions are cut in some oil companies，and the demand for graduates majoring in petroleum shrinks. Faced with employment difficulty，college freshmen have to reconsider their interests while choosing their majors in petroleum. Besides，petroleum colleges face the difficulties of both recruit and future employment. Based on the analysis of the data concerning the above problems and the current situation，this paper makes a suggestion that if both petroleum colleges and oil companies join their hands together，a winwin solution may be found at last. Amid global economic downturn，this paper offers practical information for the theoretical study of steady development of higher education and oil industry.

Key words: financial crisis, oil industry, higher education, impact