Oil-field services companies, among the industry's hardest hit during the pandemic, added thousands 0f jobs in January, the fifth-straight month of gains, as crude prices cruised toward $60 a barrel.
With the addition of 8,421 workers, an increase of 1.4 percent, employment in the sector has increased by about 21,000 jobs over the past five months, according to an analysis of Bureau of Labor Statistic data by the Petroleum Equipment and Services Association. The Houston-based trade group represents the companies that drill and complete wells and manufacture equipment for the oil and gas industry.
Jobs are returning to the oil patch as crude prices have rebounded in recent months, a boon for a sector that lost almost 102,000 jobs nationally, including 56,200 in Texas, from March to August. Many oil exploration and production companies, which hire oil-field services firms, stopped drilling new wells and halted production from existing wells last year as demand for crude and petroleum products plunged.
The oil-field services sector employed 625,467 workers in January, 11.5 percent less than the 706,528 it had during the same month in 2020. The jobs lost in 2020 represent annual wages of about $15.4 billion, the trade group said.
BIG OIL: Big Oil's future could be smaller than its past
As crude prices climbed to about $40 a barrel this summer and above $50 a barrel last month, most oil and gas companies restarted production on existing wells and are completing wells drilled before the pandemic.
The services trade group warned, however, that the recovery remains threatened by the rising number of global coronavirus cases. Demand for oil could tumble again if different strains or new outbreaks force countries to impose new rounds of business and travel restrictions. Meanwhile, the vaccine rollout, which helped spur the rise in crude prices, has remained choppy.
"oil" - Google News
February 12, 2021 at 01:33AM
https://ift.tt/3aVf8sT
Thousands of oil-field services jobs added in January - Houston Chronicle
"oil" - Google News
https://ift.tt/2PqPpxF
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Thousands of oil-field services jobs added in January - Houston Chronicle"
Post a Comment