Posted on 08/08/2016 11:47:01 AM PDT by Lorianne
US oil and gas producers have cut 142,000 jobs as of May 2016 since its peak employment levels in October 2014 of 538,000, according to a US Energy Information Administration press release on Friday—a 26% drop over that period.
The 26% decline in oil and gas employment seems to mirror—although not as drastically—the oil and gas rig count, which stood at 404 rigs in May 2016—down a staggering 77% from the 1800 rigs in action in the fall of 2014
(Excerpt) Read more at oilprice.com ...
But unemployment rate keeps going lower. /s
It is important to remember that the most common way to reduce costs is to reduce jobs. People rarely take cuts in pay. When a commodity gets a lot cheaper, it means a lot of people have lost their jobs.
That’s neither good nor bad on the surface. It’s just a general fact.
It’s also true if government really does shrink. It’s why it’s so hard to do.
My oldest Son, a MWD engineer, was out of work for almost a year. He’s back drilling now in the Oklahoma City area.
“Conservatives” will lament unemployment in the mining industry but when a factory closes they won’t even bat an eye.
Good to hear. I’m a geophysicist in the oil and gas industry, and it hasn’t been this bad since 1986. A lot of people have left the industry permanently this time.
Why are they not getting off their wallets?
Where are her "good jobs" going to come from? What industry or sector will these jobs support?
And it better not be government jobs. There won't be anybody left to actually produce something.
-PJ
Hillary has a track record as a NY senator; all the talk about revitalizing upstate NY was just BS to (successfully) convince low-information whites to vote for her...
Retired Shell Oil CEO John Hofmeister said on Fox Business the # is 400,000 in the last 18 months. Just saying.
What’s going on here? Are oil companies shifting from maintaining their own rigs to buying fracked oil?
I assume the frackers are not oil company employees, but rather independent contractors of sorts.
I really don’t know how the oil market works.
*** “A lot of people have left the industry permanently this time” ***
They must have found Jobs somewhere because 3/4 and 1 Ton Diesel 4 x 4’s have held their value.
(Non-Oil Field may not get this... first thing a JR Hand does when he starts making decent cash is they buy a 3/4 or 1 Ton 4 x 4)
There are still Jobs otherwise there would be a Glut of Big 4 x 4’s ... Oil field is resilient ... may have to wear different hats and move but you can still make good money if you have the required skills.
The current CEO’s of Exxon, RD Shell and BP are all saying that the price of oil will not rebound until mid 2017.
I enjoy driving by the gas stations when the first number on the sign is 1.
good jobs are coming....they will be govt jobs attacking the plain people....made up work for rat people...
I do too, but I miss my job.
I got pushed out of the oil drilling industry and am going in another direction. Too young to retire, but too old to hang on through another downturn.
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