Key Strategies That Will Put You Ahead
What went wrong? The oil collapse has left a graveyard of devastation in its wake. From December 2014 to December 2015, an estimated 288,000 Texas jobs have been lost. That includes an estimated 72,000 direct oil and gas jobs and 210-220,000 indirect/induced jobs, according to Karr Ingham, a petroleum economist for the Texas Alliance of Energy. Thousands more were lost in other shale-plays not to mention service businesses in towns reliant on the oil boom.
In a land of untrustworthy forecasting trends it’s difficult to take any leading experts advice on a commodity that affects the livelihood of many Americans and some shale producers won’t start production back online until prices are higher. However, there is light at the end of the tunnel. “We can’t control the commodity prices, be we can control the efficiency of our wells,” said Ben Mathis, Statoil’s Eagleford operations manager. “The industry has taken this is as a wake-up call to get more efficient or get out.”