Job cuts abound in US oil industry
Wednesday, December 9, 2015
At one time, those employed in the American oil industry were doing well. But with rock bottom prices, many companies have had no choice but to cut the workforce to stay afloat.
According to CNBC, about 93,800 jobs have been cut through the end of November this year, including American companies with operations overseas. To compare, about 11,500 jobs were cut during the same period in 2014. Many companies have reduced the number of operating rigs, meaning there are less contractor jobs needed, too.
Last year, OPEC decided to continue producing the same amount of oil, even though prices had dropped. The effect of this mostly hurt U.S. shale producers, as well as others who produce more expensive crude oil.
Via: CNBC > Oil rout and OPEC reverse surge in energy jobs market
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.