Posted on 07/17/2014 4:58:32 AM PDT by thackney
Petroleum engineers are among the best paid professionals in the United States. Only chief executives and some specialist doctors earned more last year, according to federal government pay data.
Petroleum engineers were paid an average of $132,000 a year, with the top 10 percent on more than $187,000, according to the Bureau of Labor Statistics (BLS).
These figures include everyone from the newest graduates to the most experienced engineers with decades of experience, and are based on median earnings in May 2013.
Petroleum engineers earned almost four times as much as the average employee across the economy, who was on just $35,000 a year.
Oil and gas specialists in all fields have benefited from the shale boom and the broader energy revolution sweeping the United States and Canada in the last ten years, with engineers leading the pack.
Petroleum engineers were already well paid; now they are very well paid. Between 2003 and 2013, pay for engineers with a specialisation in petroleum soared almost 60 percent compared with an average increase of just 25 percent across the whole economy...
Absolute numbers of new graduates remain small, though they are rising quickly, as shown by the enrolment numbers published by the federal DepartofEducation.
The majority of the growth in numbers has come from many older petro engineers postponing their retirement, and engineers from other specialisms are transferring into oil and gas, in response to the strong financial incentives.
The shift is not surprising when petroleum engineers earn so much more than those in other high-paying specialisms like aero engineering ($104,000), computer hardware ($104,000) and nuclear technology ($102,000) let alone those in lower paying areas like chemical engineering ($96,000), electrical engineers ($89,000) and civil engineers ($81,000)...
The ageing workforce should keep the supply of engineers relatively tight over the next 5 years.
(Excerpt) Read more at rigzone.com ...
Yea and 1998 we were a dime a dozen.
The only thing certain about this business future is that change is coming.
Yep, back then there were a several of them that started a lawn mowing services after getting the axe as engineers for awl companies. They do call us “awl field trash” for a reason ya know?
Boom and Bust in the Petroleum industry is legendary!
I’ve known several people over the years who worked the rigs and moved into the ‘offices’ at a lower rate of pay because the chance of getting laid off was so much less in the offices than on the rigs.
On the other hand you can make great money too during the Boom times.
Yup, either in oil bust or oil boom.
The wise folks of the 2nd tier that supports the oil industry need to be innovative and find ways to use their services or trades in other fields in case the oil boom goes bust.
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