The collapse in oil prices came as a surprise to the nation’s oil workers. The crash in global oil prices late last year, with oil prices plunging from nearly $110 to about $45 for a barrel of west Texas crude, forces thousands of men to lose their high-paid jobs. Many of them are still struggling to find alternative work. While falling petrol prices have helped American consumers save more money and dine out more often, they have been punishing for a set of workers who have been especially reliant on the oil industry for jobs. “They’re going to have to take lower-paying jobs,” said Lynn Gray, director of economic research and analysis for OESC. “There’s going to be very few opportunities paying anywhere near what they’re making. That’s beginning to dawn on them.” Since November, 44,000 jobs in oil and gas drilling or supporting industries have vanished, according to the ADP Research Institute. This month OPEC announced that they would continue to pump at a record pace. Tough road is still ahead for many drilling workers that got laid off during this downturn.
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We finally reach the inflection point. Oil drillers added rigs in the Permian and Bakken shale basins this week, data showed on Friday, another sign that higher crude prices are coaxing producers back to the well pad after a six-month slump in activity.
It's all very sad.
Skilled people will adapt and fit into a new job elsewhere.
Next year when the oil industry recovers there will be a greater shortfall of skilled people to fill the roles again.