The Oil Price Rise E ects; Employment Rate (part1)

During the last few years, oil price has not received the expected amount of money, as the industry operated under $50 (WTI) oil during 2017; however, as the oil and gas industry welcomed higher crude oil prices in 2017 and ushering in 2018, industry employment also saw a reprieve from massive layo s. Based on the data from U.S. Bureau of Labor Statistics, numerous jobs have been added in oil and gas industry, so vast majority are tending towards oil eld services, or support activities in 2017.

Today’s layo s are more strategic as companies restructure to operate in a long-term, low-price environment, as GHP has anticipated there would be more job cuts in 2018, but they are not related to oil eld services (blue-collar jobs). Being open to change and innovation, oil and gas companies’ employment would be more at in 2018, as Houston suggests. They are aiming at starting an evolution, not a revolution, also they need a company culture to be innovative driven.