Houston Chronicle by Paul Takahashi Dec. 10, 2020
The oil and gas industry in Texas lost more jobs than reported after the federal government revised its employment estimates.
Nearly 60,000 oil drilling, production and services workers have lost their jobs between February and August, 20 percent higher than the 50,000 layoffs previously reported, according to a new report from the Texas Alliance of Energy Producers. The new job analysis from the statewide trade group comes after the Federal Reserve Bank of Dallas revised its employment data, which showed that more jobs were cut in the oil-field services sector than previously thought.
“The revised employment estimates clearly suggest that COVID-19 has cut into the upstream oil and gas sector to a deeper extent than previously thought – and those numbers were bad enough to begin with,†Karr Ingham, petroleum economist for the Texas Alliance of Energy Producers, said in a statement.
Texas’ oil and gas industry has lost nearly 30 percent of its jobs since the coronavirus pandemic plunged crude demand and prices, forcing energy companies to cut spending on oil and natural gas projects. There are an estimated 149,800 oil and gas employees in the Lone Star State as of October, the The Texas Alliance of Energy Producers said.
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