A recent survey conducted by the job site “Indeed” ranked the top five places to work in the energy industry. Indeed said that it ranked companies based on a number of factors but generally speaking, the better the site visitor ratings and reviews a company had, the higher it ranked on the “Best Places to Work” list.
Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel. That spells more pain for the energy sector. Many companies have already slashed spending and culled their payrolls, but the total number of job losses continues to climb.
Outside of individual’s holding oil stocks, damage to the economy from the fall in oil has been pretty minimal so far. Indeed, the price cut in home heating oil and gasoline has probably outweighed the damage from lower oil prices… so far. Unfortunately, this situation may not last. Analysts are starting to look beyond the boost to the economy from low oil prices and see the damage that is being done by worker layoffs, slowing business, and falling home prices in oil producing states. Indeed, one recent estimate suggested that up to four jobs could ultimately disappear for every one job lost in the oil sector.
With oil prices still in the doldrums, the oil jobs nightmare is spreading like a cancer, the number of energy jobs cut globally has climbed well above 100,000 everywhere from Canada to Australia. Examples include foreign-trained engineers whose promise of employment at LNG plants in Australia have evaporated as projects get delayed; development projects halted in Brazil resulting in the closure of international schools and the relocation of workers.
While the unemployment rate in most of the United States hovers around 9% an unlikely sounding state is booming. The current unemployment rate in North Dakota of all places is just 3.5% according the September report of the U.S. Bureau of Labor Statistics. (Nationwide, the rate is 9.1%). An oil boom has sprung up and […]