U.S. Bureau of Labor Statistics said June was the fourth straight month of employment growth for the oilfield services and equipment sector. An estimated 8,000 jobs were added in June – more than half (4,440) in Texas. Year to date, according to the bureau, the oilfield services sector has brought back 18,600 jobs – still less than 20 percent of the 102,000 jobs lost during the pandemic. The sector now employs 600,000 people nationwide, including 303,000 in Texas.
In its jobs report July 20, Houston Chronicle said, “Analysts and economists aren’t so sure the jobs lost during the pandemic will return as the industry consolidates in the aftermath of the pandemic and increasingly relies on remote drilling technology and automation to streamline operations. There’s also looming uncertainty over oil and gas as governments worldwide impose more regulations on the industry and as society shifts to renewable energy. These trends will have profound implications in Texas, where oil and gas represent 14 percent of the state’s jobs.”