EIA: O&G Production Jobs Today are 26% Lower Than 2014

EIALast week MDN highlighted a survey from Evercore ISI looking at attitudes and behaviors of displaced workers in the oil and gas industry (see Laid Off Workers Say “No Thanks” to New Oil & Gas Jobs). Many laid off workers have already found jobs in other industries, and they aren’t tempted to return to an oil & gas job due to the cyclical nature of the industry. We quoted a number we spotted from Evercore that there have been over 300,000 layoffs in recent years. We thought that a bit high, but they’re the experts. On Friday the U.S. Energy Information Administration (EIA), our favorite government agency, ran an article saying the job loss is closer to 142,000. We suppose it’s all in how you count jobs directly or indirectly related to the o&g industry. There are many jobs (hotel workers, restaurant workers, etc.) that can be highly dependent on the o&g industry, yet aren’t actually an o&g job. But when drilling gets cut, so too does eating at restaurants, staying in hotels, etc. The EIA is looking at direct jobs–those related to oil and natural gas production. What have (below) is the EIA’s reckoning that direct employment in the o&g industry today is down 24% from its high in 2014, just prior to the collapse of oil prices. That’s a drop of 142,000 and any way you slice it, it’s a lot of lost jobs…

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