Still, a generally abundant energy supply should keep oil prices in check. This will squeeze profitability and make it tougher to compete. Large oil companies will continue to "smartsize," each focusing on its core competencies and outsourcing other functions.

James A. Capo, president of the New York Shipping Association, which represents waterfront employers in labor negotiations with the ILA, said "smartsizing" is the key issue.

"That's not only having the right number of people. It's having the right number of people with the necessary skills and motivation to do your organization's job efficiently and well."

Downsizing — or lopping off whole levels of management to make a company leaner and meaner, is competing for popularity now with smart-sizing and right-sizing.