The price of oil is down by more than 40% since June, closing Friday at $59.39 a barrel. Employment at U.S. energy companies has dropped by 6,800 jobs so far this year, according to federal data released Friday, but jobs at energy-services companies have fallen far more, by perhaps 30,000. Graves & Co., a Houston consulting company, says energy employers have announced 120,000 layoffs around the world.
So jobs are scarce for the nearly 1,800 students in the U.S. expected to graduate this year with a bachelor’s degree in petroleum engineering.
Some are going back to school for an MBA and some are taking non-engineering jobs just to get their foot in the door.
One recommendation is to try to get a job as a roughneck. But that’s not an easy job.