Geoscience Policy Monthly Review
january 2016

The Monthly Review is part of a continuing effort to improve communications about the role of geoscience in policy.
Current and archived monthly reviews are available online.

Subscribe to receive the Monthly Review directly.

energy

Oil and gas companies cutting production and workers

January 7, 2016

The price of oil fell to $38 per barrel in December 2015, leading to massive cuts in the industry’s budget and workforce. The Bureau of Labor Statistics show that the oil and gas industry saw a loss of almost 14,000 jobs between September and December 2015; job losses are expected to increase through 2016 as oil prices continue to fall.

In general, smaller companies with budgets less than $100 million have made the most reductions (averaging 49.6 percent), while major multibillion-dollar companies have cut the least (averaging 19.8 percent). These reductions will likely cause a $200 billion loss in oil field production worldwide.

Sources: U.S. Energy Information Administration (EIA), Bureau of Labor Statistics (BLS), E&E News