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Thursday, September 10, 2015

8,300 More Jobs Lost in Oil and Gas Industry in August

From Fuel Fix:
Oil and gas companies, and the service firms that support them, laid off 8,300 workers in August as crude prices continued their deep decline. 
The gloomy scene for the oil sector contrasted with the United States’ broader jobs picture, as the country added an estimated 173,000 jobs in August, according to the labor report released Friday. 
The number of workers providing support activities for mining, which includes the extraction of oil and gas as well as other minerals, dropped by 2 percent, or about 7,200 jobs. Another 1,100 oil and gas extraction jobs also were lost in August, representing about 1 percent of that workforce. 
Since oil prices started falling in June 2014 — after West Texas Intermediate crude, the U.S. benchmark, crested at $107.26 per barrel — the deepest cuts have come not among the upstream exploration workforce, but from the sector supporting the activity. That includes workers for oil field service firms and drilling contractors.
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