Despite Booming Production, Texas Oil Workforce Reaches 7-Year Low
The Texas oil and gas workforce has reached a seven-year low, according to The Houston Chronicle.
The news comes even as oil prices have stabilized.
When crude prices plummeted three years ago, after the economic glory years of the fracking boom, the Texas energy industry scrambled to find ways to produce more oil using fewer bodies.
Now, despite the fact that prices have begun creeping upward again, Texas producers are trying to maintain the streamlined workforce.
And the plan seems to be working; Texas producers are extracting a remarkable amount of oil given the small number of workers they’re employing. In fact, Texas may soon beat the state’s 45-year-old oil production record.
The Lone Star State isn’t just managing this feat with a small workforce. The number of working rigs and drilling permits are also way down this year.