According to preliminary statistics from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce & Technology Council, employment in the US oilfield jobs services and equipment industry increased by an estimated 7,450 jobs in December, despite poor hiring in the general US job market (Council). Oil and gas extraction, as well as machinery manufacture, saw gains.

The 1.1 percent increase in December comes as overall job growth in the United States fell short of analyst expectations. According to BLS data, the oilfield services and equipment job sector has restored an estimated 62,289 jobs since a peak of more than 109,000 pandemic-related job losses in February 2021. This puts the total amount of employees lost due to the pandemic to 47,172, resulting in yearly salary losses of $5.6 billion.

“As oil demand has pushed higher, it’s heartening to see continued job growth in the sector,” said Energy Workforce & Technology Council CEO Leslie Beyer. “The sector has recovered more than half of the jobs lost to the pandemic, and we expect continued growth in 2022.” The Council, in collaboration with academics from the University of Houston’s Hobby School of Public Affairs, discovered that job cuts were most severe in April 2020, when the sector dropped 57,294 employees – the highest one-month total since at least 2013. In 2021, the sector’s employment increased by 0.6 percent on a monthly average as companies focused on decreasing debt, repaying investors, and investing in research and development.

The Council represents 600,000 employments in the technology-driven energy value chain as the national trade group for the energy technology and services sector. Energy equipment manufacture, drilling, well completions, well services, pressure pumping, renewable energy technologies including tesla jobs and servicing, geothermal development, and other industries are represented by more than 450 member businesses. This sector’s innovative men and women are world leaders in creating and deploying innovative technologies that improve efficiency, improve environmental performance, and reduce greenhouse gas emissions on a worldwide scale.

The employment in the energy technology and services sector is calculated using data from the US Bureau of Labor Statistics, and it encompasses the economic operations of energy technology and services companies, such as oil and gas extraction, construction, and manufacturing. The BLS’s Quarterly Census of Employment and Wages, as well as monthly job statistics, are used to estimate total employment.

Source: Reuters

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