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The U.S. oil and gas industry faces a daunting recovery from the pandemic, said Paul Takahashi at the Houston Chronicle. “About 107,000 oil, gas, and petrochemical workers have been laid off between March and August,” a staggering total even for an industry that is accustomed to soaring heights and crushing lows. But analysts say this oil bust is different even from those in the past. “Growing concerns about climate change” are expected to keep reducing demand for fossil fuels, meaning those jobs lost now might not return after this downturn. Even if crude prices “claw their way back to $45 per barrel” by the end of 2021 — up from around the $40 price mark where they have remained for months — an estimated 70 percent of the jobs lost may disappear permanently. A drop to $35 per barrel, and the industry is looking at 100,000 jobs gone for good.
The collapse in oil prices hasn’t just hurt the drilling states, said Alexander Osipovitch and Ryan Dezember at The Wall Street Journal. “Wisconsin doesn’t produce a drop of oil or gas, but there …read more
Source:: The Week – Business