Author Topic: Oil and gas job losses in Texas were even worse than reported  (Read 515 times)

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Offline Elderberry

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Oil and gas job losses in Texas were even worse than reported
« on: December 12, 2020, 01:48:03 pm »
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.

More: https://www.houstonchronicle.com/business/energy/article/Oil-gas-job-loss-in-Texas-even-worse-than-reported-15790961.php

Offline IsailedawayfromFR

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Re: Oil and gas job losses in Texas were even worse than reported
« Reply #1 on: December 12, 2020, 02:15:15 pm »
Temporary unemployment as the industry is cyclical.

Will be back with a lot of new players 'cause that oil ain't going anywhere and will be available for extraction when prices return.
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington