• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Hopes Are Dashed For International Oil Companies In North Iraq
  • 4 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 4 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 hours "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Changing Gazprom ADRs to Russian shares
  • 11 hours The Federal Reserve and Money...Aspects which are not widely known

Nearly 85,000 Jobs In U.S. Oilfield Services Lost To Oil Crisis

Nearly 85,000 people in the U.S. oilfield services industry have lost their jobs due to the pandemic-driven oil price crash and demand destruction, Houston-based Petroleum Equipment and Services Association (PESA) said in a new analysis this week, warning that it is likely significantly underestimating the jobs losses in the sector.

According to PESA’s analysis of Bureau of Labor Statistics (BLS) data, 84,908 jobs in the oilfield services sector were lost between the start of the demand and oil price collapse until the end of May.

Compared to employment figures in May 2019, oilfield services employment is down by 105,000 jobs, and is now at its lowest point since 2016, PESA said. Employment in the oilfield services and equipment (OFS) sector declined by 13.5 percent from 785,106 jobs in May 2019 to 679,281 jobs in May 2020.  

“Industry analysts anticipate additional job losses in the coming months as the oil and gas industry continues cutting production by shutting in wells and reducing rig counts,’’ PESA said, warning that its analysis may be severely underestimating the job losses, due to limitations within the BLS data and the difficulty of accurately tracking and categorizing furloughs.

Many oilfield companies have up to half their workforce currently on furlough, while some of the largest companies in the sector expect to lay off thousands in the near future, PESA said.

Halliburton, for example, reduced the number of staff at its headquarters by 22 percent or about 1,000 people in May, after saying in mid-March that it would furlough 3,500 employees for two months and after it laid off 350 workers in Oklahoma in April. 

According to a Rystad Energy analysis of Bureau of Labor Statistics data, the U.S. oil and gas labor market is amongst the world’s most severely hit by the downturn that the Covid-19 pandemic has brought. More than 100,000 oil and gas jobs have already been lost in total, with most of them coming from the support activities market. 

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News