IEEFA – More Oil, Fewer Jobs: Employment Declines in the U.S. Oil & Gas Sector

The main theme of the report is the decline in employment in the U.

S. oil and gas sector. Key findings include a 20% drop in employment in the U.S. oil and gas industry over the past decade, from 1.26 million to 1 million workers. Economic lag in oil and gas regions in Texas threatens the financial health of regional banks. Increased productivity leads to more oil production with fewer workers. The number of jobs required to produce a barrel of oil has halved over the past decade. Further job cuts are forecasted amid low oil prices.