Huge Job Increase During the Month of March for Oilfields

 



Since the start of the pandemic, companies in the shale industry have laid off 102,000 workers. While the industry has slowly recovered in some states, some are still suffering and have needed to continue to lay off workers. Texas has been hit the worse, as they have had to lay off over 39,000 workers since February 2020.

According to the Hobby School of Public Affairs, jobs in the shale industry dropped from 691,866 in March 2020 to 628,362 in March 2021, a 9% decline.  Losing these workers who comprise the OFS sector jeopardizes the development of innovative technologies that increase productivity, improve environmental performance, and decrease greenhouse gas emissions.


Recent BLS (Bureau of Labor Statistics) revisions reported that in February 2021, job loss was 7,697. This is still significantly less than January 2021, which was 10,048. Despite workers still being laid off, this year seems to be better than last year as the sector was a rollercoaster ride with all of the job loss.


Fortunately, for the month of March 2021, there was an increase of 23,000 workers, a considerable rise in new workers when compared to previous months. That is a rise of 3.8%, largely thanks to more rigs being brought online and more people being vaccinated. As the year continues, the number should be on the rise as things begin to normalize. 


It's also worth mentioning that many big corporations will receive a considerable boost in funds to get back on their feet. Some companies like Exxon have already received $10 billion in federal funds. With these funds, companies will be able to increase productivity and perhaps reach the same momentum pre-COVID 19. 


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