A Little Good News for U.S. Oil Industry

Oil Well. Photo by Lyndi and Jason.

Our Take!

With oil and gas prices still far lower than they were as little are 6-7 months ago, workers in the U.S. oil and gas industry have had little to cheer about. However, new numbers from the Labor Department suggest the industry expects prices to recover–evidenced by the fact that oil patch jobs have been largely “resistant” to price drop.

By Pedro Nicolaci Da Costa and Eric Morath

Midland, Texas, a symbol of the American oil boom that has recent run into shaky ground, still has the lowest unemployment rate in the nation at just 2.6% in January, according to figures from the Labor Department published Friday.

The Texan oil town was followed by Lincoln, Neb., a consistently stable employer, at 2.8%. That’s the same jobless rate as that of the state of North Dakota, also at the center of the energy sector’s expansion and still the lowest rate of any state in the nation, a separate report recently showed.

Oil prices have plunged by more than 50% in the last eight months, raising concerns about the financial condition of some energy producers and refiners. READ MORE …

[Published by Wall Street Journal]

Photo by Lyndi and Jason.

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