Oil Field Jobs Returning Could Signal Recovery

Tuesday, January 17th, 2017 and is filed under Uncategorized

Oil Field Jobs

Oil field jobs are on the rise following an increase in rig count and drilling activity in the United States. This could signal that a recovery for the oil industry may be coming in 2017.

Nick Cunningham of OilPrice.com reports:

Rising rig counts and an uptick in drilling activity is leading to a rebound in employment in the oil and gas industry, according to recent data.

Payrolls in the oil and gas sector in the United States rose for the month of November, recent U.S. government data shows, the first monthly gain in over two years. Employment in oil and gas extraction and support services rose by 3,300 for the month, rising to 384,300. That comes after the industry lost over 150,000 jobs during the two-and-a-half-year downturn.

While one month’s worth of statistics does not make a trend, the data suggests that the worst is over. The market is passed the low point and even as companies continue to repair balance sheets, oil trading above $50 per barrel is sparking a rebound in drilling activity and hiring. The rig count is already up by more than 200 oil rigs since the middle of last year, posting six consecutive months of gains. U.S. shale output is also rising, up about 300,000 bpd from a last summer, according to preliminary data.

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