Job Outlook Looks Grim In The U.S. Oil And Gas Sector

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Candidates looking for oil and gas jobs will find the going tough as the job outlook looks grim in the U.S. oil and gas sector. Energy recruiters have estimated that the number of layoffs will climb to 2,50,000 this year and will increase next year again, given the low oil and gas prices. It is not just the oil and gas exploration and production companies and oilfield services companies, but also pipeline companies that are feeling the brunt of the low crude oil prices. Read on to learn more about the present job outlook.

Swift Predicts More Job Losses Next Year At Current Oil Prices

Swift Worldwide Resources, a leading recruiter for energy jobs has predicted more job losses next year if the oil prices remain stable at current levels. This year, the number of job losses will reach a staggering number of 2,50,000.

Collin Eaton said in a recent article:

“Job losses in recent weeks have increased the industry’s losses to more than 233,000 since the slump in crude prices took hold late last year, according to energy recruiter Swift Worldwide Resources. Given the speed at which companies are cutting payrolls — a rate that hasn’t slowed down yet — Swift expects layoffs to grow to more than 250,000 this year and to increase again next year if oil prices languish at current levels.

Swift CEO Tobias Read said there’s no sign of an immediate turnaround in the oil and gas job market and the situation “is likely to get worse.”

Pipeline Companies Announce Job Cuts

Job losses are not restricted to oilfield services companies alone. Although the majority of job losses have been reported in oilfield services companies, this phenomenon has now extended to the pipeline companies. While new recruitment has come to a standstill, companies have also resorted to pay cuts to maintain profitability.

Charles Kennedy said in a recent article:

“Pipeline companies are also starting to lay off workers as well. Last week Enbridge confirmed that it was laying off 500 workers and leaving 100 positions unfilled, according to the Financial Post. The job losses account for about 5 percent of Enbridge’s North American workforce.”

The jobs outlook seems to be grim in the near future for the oil and gas industry. However, candidates hoping to land oil and gas jobs should keep up the effort in learning new skills and prepare themselves to take up roles, once the oil and gas sector bounces back from the downturn.