Collapse in Oil Prices Causes Loss of Oilfield Jobs
Oilfield jobs are dwindling as oil prices continue to fall below $20 a barrel.
According to the Midland Reporter-Telegram, shale producers and their suppliers are feeling the hit of a falling oilfield economy the most.
Since the start of 2019, 50,000 jobs have been lost which is about 13% of the workforce.
This is the worst plunge in oil prices since 2014 when oil was over $100 a barrel and fell to $26 a barrel by 2016.
Currently oilfield contractors have been advised to cut as much as 25% from their oilfield costs, which will possibly mean most of that cost will be jobs.