Energy & Science
The Oil Industry Shed 51,000 Jobs in March (And Things Look Set to Get Worse)
- April likely to be worse with futures prices hitting negative
- ‘This really is just the beginning’; 40% drop is possible
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The oil and gas industry shed nearly 51,000 drilling and refining jobs in March, a 9% reduction that is likely to get worse as futures prices fell into negative territory Monday.
March’s job losses rise by 15,000 when ancillary jobs such as construction, manufacturing of drilling equipment and shipping are included, according to BW Research Partnership, a research consultancy, which analyzed Department of Labor data combined with the firm’s own survey data of about 30,000 energy companies.