A report published earlier this month by the Dallas Fed has estimated the US has lost around 70,000 oil and gas jobs since a year ago.
The figures, which calculate back to October 2014, represent an estimated 14.5% drop.
The report said despite the falling rig count, incoming data showed US crude oil production has remained “relatively flat”.
It said: “Although production declines have slowed, layoffs continue. Since peaking in October 2014, US oil and gas employment has fallen 14.5% (by 70,000 jobs) year over year.
“Job losses and falling energy prices portend continued distress for the oil and gas sector in 2016.”
The findings also said oil and gas sector bankruptcies have reached quarterly levels last seen in the Great Recession.
The Dallas Fed estimated that at least nine US companies, which accounted for $2billion in debt, had filed for bankruptcy so far in the fourth quarter of the year.
The report added: “If bankruptcies continue at this rate, more may follow in 2016. Upstream firms have also adjusted to low oil prices by slashing capital expenditures; spending is down 51% from fourth quarter 2014 to third quarter 2015.
“Overall, market expectations have shifted toward a weaker price outlook due to the prospect of earlier-than-expected production increases from Iran, along with broad disagreements with OPEC
and slower-than-expected declines in US crude production.
“With supply set to exceed deamand by 0.6mb/d per day in 2016, it’s possible that global inventories might not begin to fall until 2017.
“Given the great uncertainty surrounding projections and the timing of supply and demand changes, the coming year promises to be a dynamic one for oil markets.”