A Texas oil economist has warned job opportunities for workers in the energy sector are not likely to improve.
Karr Ingham, an economist who created a series of metrics to assess the health of the energy sector, said job losses are continuing to rise.
He said employment within the sector was in 2010, as the last expansion of upstream oil and gas activity was “just beginning to take off”.
It comes after the the Federal Reserve Bank of Dallas said in a review of the regional economy that the pressure from low oil prices was affecting other parts of the economy.
According to Ingham’s estimates, the number of people working in the exploration and production side of the industry is down more than 20%.
In May, around 205,100 jobs were in exploration and production, compared with a peak of 225,965 in 2008.
He said gas production was also down 3.1% while crude oil production from Texas has dropped by 5.1% year-on-year.
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