An oilfield crew works a service rig during a state-funded oil well plugging operation in Midland.
Photographer: Eli Hartman/BloombergJobs
The 40% of US Oil Jobs Lost Over the Last Decade Aren't Coming Back
Oil majors have grown more efficient in the years since the shale bubble burst in 2014, pumping record production with a fraction of the workforce.
The US oil and gas industry slashed 40% of its workforce over the past decade of record-breaking production — and those jobs are unlikely to return.
In an industry known for its booms and busts, higher oil prices have historically spurred greater drilling activity, and therefore more hiring. But this link broke after years of poor returns to investors following the bursting of the shale bubble in the mid-2010s.