PESA research to quantify oilfield services and equipment sector employment was featured in a Reuters article, which received widespread distribution in an array of publications, including the New York Times.
“Oilfield job losses from the COVID-19 pandemic topped 100,000 in the United States in August, according to a report released Tuesday by trade group Petroleum Equipment & Services Association, even though some idled drilling projects have resume,” wrote Reuters.
Citing PESA data, the story reported the OFS has lost 121,000 jobs in the last 12 months, and the sector’s employment has reached its lowest level since March 2017. More than 103,000 of those jobs lost have come since the pandemic began.
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“The most important thing we can do for the oilfield services sector and our economy is get control of the pandemic and begin a responsible reopening of the world’s economies,” PESA President Leslie Beyer said.
The story noted that PESA’s analysis showed that job losses are slowing as companies begin to reopen production. August saw the fewest jobs lost since the pandemic began in March.
“We’re encouraged by the slowing job losses and increased production,” Beyer said. “But we’re cautious due to uncertainty around continued pandemic effects on the economic recovery. We know demand will return, but it will be slow.”
PESA’s report, updated monthly, uses data from the U.S. Bureau of Labor Statistics to estimate OFS employment. The analysis includes the economic activities of OFS companies, including oil and gas extraction, construction and manufacturing. Employment is a key indicator of the sector’s health, and the report has been used with federal and state policymakers.
For questions or additional information, contact PESA Director of Communications and Research Kevin Broom.