Economics
Most U.S. Oil Job Losses in Pandemic to Remain at Low Prices
- Deloitte sees limited recovery between now and the end of 2021
- Sensitivity of employment to swings in crude prices has soared
This article is for subscribers only.
Almost three-quarters of the pandemic-driven jobs losses in the U.S. petroleum and chemical sectors may not come back before the end of next year, according to Deloitte LLP.
The collapse in oil demand and prices spurred the fastest rate of oil- and chemical-industry layoffs in history, with about 107,000 jobs eliminated between March and August, Deloitte said in a study released Monday. The number is probably even higher when furloughs and other headcount measures are taken into account, according to Duane Dickson, vice chairman and U.S. oil, gas and chemicals leader for Deloitte.