The US oil industry is booming in 2024, with the highest outputs despite having fewer workers to manage the production. However, the number of oilfield jobs in the US flatlined as workers cut ties with the industry due to harsh working conditions. The sector still supports thousands of families despite automation taking over most of the production process.
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Challenges and Achievements in the US Oil Sector
Challenges in Hiring for the US Oil Sector
While hiring has never dipped in the US oil sector lately, finding the right designated workers for the job has become troublesome. Jobs in the oil sector are being filled at a slower pace as workers abandon their work profiles.
Decline in Workforce Participation
The latest data from the Bureau of Labor Statistics (BLS) shows that more than 2,926 candidates declined to join the energy workforce. Nonetheless, despite the challenges of a smaller workforce, the US oil industry has touched record volumes in production in 2024.
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Record Production Levels in 2024
Increased Efficiency with New Technologies
The latest data from the US Energy Information Administration (EIA) shows that the oil sector produced 13.2 million barrels daily (BPD). This is up from 12.9 million bpd last year, an increase of 2.4%. Oil production in the US is accelerating with new technologies that have increased the efficiency of the output.
Industry Insights and Comments
“While we are beginning to see some signs of a flattening job market within the oilfield services sector. We are also experiencing a continuation of record-breaking US oil and gas production,” said Energy Workforce President Molly Determan while commenting on the decline in oilfield services employment.
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“It’s clear that we are doing more with less, maintaining high productivity and innovation with fewer resources,” Determan added. “Clearly, oil and natural gas companies are delivering more energy with greater efficiency and lower emissions than ever before,” he said, highlighting the US oil sector’s recent achievements.