Updated March 18. The Oil Bust of 2015 is making it cheaper to fill up our tanks at the gas station, but it is decimating our nation’s oil and gas workforce as companies slash spending in hopes of surviving the downturn. Just this week Talisman Energy Talisman Energy has cut about 200 workers in Calgary, while Nexen Nexen Energy (a division of China’s Cnooc) slashed 400 jobs. On Tuesday, Quicksilver Resources filed for Chapter 11 bankruptcy protection. I received a very thorough spreadsheet from some well placed friends in the industry; it tabulates with more precision than I’ve seen anywhere else which companies have cut jobs, and how many. You can find the full list below. The conclusion: the worldwide oil and gas industry, including oilfield services companies, parts manufacturers and steel pipe makers, has laid off at least 75,000 so far. Considering that about 600,000 work in the U.S. oil and gas sector, this is a big hit. And it’s important to note that most of these are solid middle class jobs. There’s not many industries where a guy with little more than a high school education can make $100,000 a year, but that’s a common pay package for drilling rig workers. I’m told by people who operate a lot of drilling rigs that for every rig mothballed about 40 people lose their jobs. The U.S. rig count is down by more than 700 from this time last year. Indeed the average oil and gas worker makes $108,000, according to government numbers. The tremendous growth in these oil and gas jobs has been vital to helping the United States crawl out of the Great Recession. And keep in mind the add-on effect — every oil layoff means that much less money to be spent on meals, clothes, trucks, homes, and on and on. The service companies have borne the brunt of it, with nearly 59,000 layoffs, including 9,000 from Schlumberger Schlumberger and 8,000 at Weatherford, nearly 7,000 at Baker Hughes Baker Hughes and 6,600 at Halliburton Halliburton. Next Next comes the Exploration and Production companies with more than 10,000 layoffs. This includes 2,000 at Total Total, 1,500 at Sasol Sasol and 1,000 at Suncor. Manufacturing companies, especially pipe manufacturers have shed 7,100, with 3,800 layoffs at U.S. Steel and 1,400 at Vallourec. As detailed as the below list may be, I can’t believe that it’s exhaustive. If you know of other cuts not on this list (or take issue with any of the numbers) please leave a comment below. Most of these cuts have been in the United States, and to the extent that politicians in Washington, D.C. want to help stop these layoffs before they get much worse, there is one thing they can do: vote to repeal the antiquated ban on oil exports put in place by President Richard Nixon in the early 1970s. America’s oil drillers are currently producing more light, sweet crude from shale formations than our refineries know what to do with. It’s not that there’s too much oil — after all the U.S. still imports about 5 million barrels per day from the rest of the world. But these imports are almost entirely of heavier, more sour crude, of the kind that our refineries were optimized for before the shale boom. If American oil companies could export their light crude they could get higher prices for it than what domestic refiners are willing to pay (and thus shrink the WTI-Brent price differential). This would help a lot to improve the economics of American oil, and to help keep these well paying jobs in America. And because the light American crude would compete directly with OPEC oil, our exports would, on the margin at least, help bring down the global price of crude. And if all else fails? Some of these laid off workers could find a new future in Saudi Arabia, where Aramco is reportedly wooing shale workers to “join our team.”
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