Oil and gas companies are increasing their operations, which has created 3,000 jobs in Texas,
According to an examination of early government statistics from the industry trade group Energy Workforce and Technology Council, Texas added around 3,160 oil field services positions in May, for a total of 306,411.
According to preliminary figures, the US added over 4,775 positions in the industry last month, for a total of 628,793.
As the world economy recovers from the epidemic, demand for oil and gas has already increased.
As nations restrict Russian oil in retribution for Moscow’s assault on Ukraine, officials are urging US oil and gas companies to increase output to help alleviate increasing gasoline and utility costs.
Leslie Beyer, Energy Workforce CEO said: “I’m optimistic that our industry and workforce are up to the challenge to meet growing global demand by increasing domestic production while reducing global emissions,”.
Beyer said: “Without the powerhouse of American energy, the world suffers, the economy suffers, and millions of people face energy and food insecurity.”
While businesses are attempting to improve total output this year, experts say drillers are adhering to planned increases rather than rapidly ramping up output – even with West Texas crude oil trading for more than $110 per barrel. Companies, on the other hand, have stayed focused on growing shareholder profits.
Occidental Petroleum CEO Vicki Hollub said: “It’s almost value destruction if you try to accelerate anything now,”.
Hollub said: “And some of the longer-term projects just can’t get started because of the cost involved. Now, for those of us that had plans in place – and there are other companies that have done this, too – but those of us that had plans in place and had those plans in place early enough, we’ve been able to mitigate some of the impacts of the inflation and all that.”
Aside from inflation, the conflict and unequal pandemic recovery have caused disruptions in the global supply chain, making it more difficult for oil and gas drilling firms to get certain materials.
However, analysts predict that oil and gas jobs will continue to grow even if corporations opt for more moderate output increases. According to Norwegian research company Rystad Energy, U.S. oil and gas employment might rise by 108,000 to 971,000 by the end of the year.
Rystad also supposes global investment in fossil fuel production to grow 20 percent this year to more than $344 billion.