• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours Oil prices going Up? NO!
  • 2 days Could Venezuela become a net oil importer?
  • 6 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 5 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Gazprom Exports to EU Hit Record
  • 10 hours Oil prices going down
  • 13 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Oil Buyers Club
  • 2 days Why is permian oil "locked in" when refineries abound?
  • 12 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 4 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 11 hours Saudi Arabia turns to solar
  • 2 days EVs Could Help Coal Demand
  • 2 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 12 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
The Fed Is Driving Down Oil Prices

The Fed Is Driving Down Oil Prices

The hawkish U.S. Federal Reserve…

Higher Oil Prices Boost Hiring At Houston Energy Companies

oil crew

The rise in oil prices moved in tight correlation with the hiring at companies at the heart of the U.S. oil production—Houston—where hiring jumped by 12.4 percent annually in May 2018, picking up in synch with the oil price rally, according to the monthly LinkedIn Workforce Report published on Wednesday.

The report, which examines the monthly employment trends U.S.-wide and in the 20 largest metro areas, showed that hiring in the oil and energy industry rose by 5.2 percent in the U.S. over the past year.

Nationally, across all industries, gross hiring in the United States was 4.5 percent higher than in May 2017, the report found.

“As Houston’s job market has rebounded, the surplus of people with skills typically needed to fuel the oil and energy industry—like petroleum engineering, energy, and geology skills—has reduced, from over 16,000 people in February 2016, to under 14,000 people in February 2018. This is another signal that hiring is starting to pick up in a meaningful way for Houstonians as its core industry restabilizes,” the report said.

Houston jobs grew at a strong annualized pace of 4.7 percent over the three months ending in April, the Dallas Fed said in its Houston Economic Indicators report last week. Manufacturing, partly driven by rising oil and gas activity, recorded the fastest growth rate in the period.

Related: Will Saudi Arabia Listen To U.S. Demands For More Oil?

Elsewhere in Texas, Odessa and Midland at the heart of the Permian basin in West Texas are experiencing an economic boom with the higher oil prices and increased activity over the past year.

The combined Midland-Odessa unemployment rate has plunged over the last year, to stand at 2.8 percent in March, matching the record-low from March 2008, InghamEcon said in report on Q1 2018 last month. The first-quarter unemployment rate also averaged 2.8 percent—the lowest on record. The Midland-Odessa labor market is extremely tight and is only becoming more so with each passing month, according to the report.

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News