Oil and Gas Jobs Right Now - MBrew

 

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Oil and Gas Jobs Right Now 

With oil demand and prices collapsing this year, U.S. oil and gas companies shed 107,000 jobs between March and August, the "fastest rate of layoffs in the industry's history," according to a Deloitte report released yesterday. Drilling deeper: If prices remain around $45/barrel, Deloitte forecasts that 30% of jobs will be recovered by 2021.  In the worst-case scenario, where prices fall to $35/barrel, only 3% will.  Layoffs will disproportionately hurt states like Texas and North Dakota, where fossil fuel companies have been major employers for decades. And even if the industry does recover, those same jobs won't necessarily return.  Under pressure to digitize, producers are expected to phase out more low-skilled work in favor of data, IT, and remote operations positions.  "What we are seeing here is the reset button being pressed," Deloitte's vice-chairman of oil and gas told the FT.   Sign of the times: The value of ExxonMobil, once the world's largest public company, has dropped over 50% this year. Last week, it was briefly passed in market cap by wind and solar generator NextEra.