The U.S. oil and gas industry is now producing more than ever but employs 25% fewer workers than a decade earlier, demonstrating a shift towards automation and consolidation.
As oil prices rise due to sanctions on Russia and production increases, the expectation of further job losses looms large as industry spending declines amid fears of oil oversupply.
The trend mirrors the decline in the coal industry, where production continued to rise while employment fell sharply, driven by technology and the consolidation of companies.
Innovative drilling technologies allow energy companies to manage operations remotely, resulting in job reductions as fewer employees are needed on-site for extraction and production tasks.
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