LONDON (Reuters) by John Kemp – (John Kemp is a Reuters market analyst. The views expressed are his own.) U.S. oil and gas employment has started to fall as producers and service companies respond to the sharp decline in prices since the fourth quarter of 2018. The number of jobs in “mining support activities”, a category that includes oil and gas drilling, as well as site preparation and well completion services, has been drifting gently lower since October 2018. In August, employment was 2% lower than in the same month a year earlier, and down by 4% from its recent peak, according to preliminary estimates published by the U.S. Bureau of Labor Statistics on Friday. Employment in the sub-category for “oil and gas support activities”, mostly covering site work and completion services, had fallen by around 11,000 jobs or 4% between October and July. Oil and gas employment is trending lower as the industry adjusts to lower petroleum and natural gas prices and lower levels of activity (tmsnrt.rs/2A7nRGw). The number of rigs drilling for oil and gas has fallen by 185 or 17% since the end of last year, according to weekly rig counts from oilfield services company Baker Hughes.… continue reading
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