Global Oil Job Cuts Top 250,000

[marmar]

(Bloomberg) The number of jobs gutted from oil and gas companies around the world has now passed the 250,000 mark, with still more to come, according to industry consultant Graves & Co.

"I was surprised it’s gotten this far," John Graves, whose Houston firm assists in oil and gas deals with audits and due diligence, said Friday in a phone interview.

The industry has idled more than 1,000 rigs and slashed more than $100 billion in spending this year to cope with oil prices that have fallen by more than half since 2014. Oil services, drilling and supply companies are bearing the brunt of the downturn, having accounted for 79 percent of the layoffs, according to Graves.

U.S. oil producers resumed their pullback on drilling this week, idling 10 rigs in an effort to cut costs and stem the rising tide of crude supplies that’s gutted oil prices to about $40 a barrel. The cuts extended a five-year low in activity after the two rigs added last week proved to be a short-lived pause in three months of downsizing. ................(more)

http://www.bloomberg.com/news/articles/2015-11-20/global-oil-and-gas-job-cuts-top-quarter-million-with-more-on-way

[edhopper]

1. It's always boom or bust

in the oil business.

Of course low oil prices also help other parts of the economy.

Bad for Texas,good for the Northeast.

[marmar]

2. But looking at retail sales, it doesn't even seem to be helping that.

[edhopper]

3. No,but that is mostly due to

wage stagnation.
Though a big rise in oil prices would hurt that.

Of course this is all a side issue.We should be ending the oil industry in favor of renewable non-poluting energy.

[marmar]

4. Absolutely.

[edhopper]

5. I know it's tangential

to this thread, but it would only take an square area of solar panels 50 miles on a side to supply all the electricity this country would need.

[img][/img]

And spread out throughout the States,and on buildings it is easily done.

[Chuuku Davis]

6. Costs too much

Or it would have already happened

Capitalists are going to go for the profit

[edhopper]

7. In the end

it would cost us less. But we don't have the political will and the Oil Lobby is too strong.

In Texas there are periods of free electricity due to the wind farms.

http://www.seattletimes.com/nation-world/nighttime-is-right-time-for-free-power-in-texas/