TEXAS ENERGY JOBS - The Oil and Gas industry has been hit hard thanks in part to international price wars and a lack of consumer demand. And according to an industry group report the oilfield services industry in Texas, Arkansas, and Louisiana has shed thousands jobs this year. Drilling companies have halted activity this year or cut way back...so they don’t need oilfields services companies like Halliburton or Schlumberger as much. That’s why there’s been such massive cuts in that sector alone including over 1,000 jobs lost in Texas last month. According to the oilfield services trade group: The Petroleum Equipment & Services Association , Texas lost 1250 oilfield services jobs in August and since the start of the pandemic, more than 55,000 jobs have vanished from the state. Jeff Lattea has worked in oil and gas since 2012. He says many of those jobs will never come back.
“We innovate in times of crisis, and that's exactly what Baker Hughes did, Halliburton and all these other guys, they find ways to do things better, faster and cheaper," Lattea explained. "And the way you do things better, faster and cheaper as you automate and you eliminate jobs.”
Consulting firm: Rystad Energy’s analysis of the top 50 oilfield services companies shows employee counts are slated to reach their lowest levels in more than 10-years.
