Job losses related to the coronavirus pandemic are approaching the 100,000 mark for US oilfield services companies as layoffs continued to mount in July.
U.S. oil field service companies laid off another 9,300 employees in July, bringing this year’s number of pandemic-related job losses to 99,253 people, according to new figures from the Petroleum Equipment & Services Association, or PESA.
The pandemic has created a global supply glut and lowered demand — cutting prices for crude oil, natural gas and other related products causing large financial losses for oil companies, equipment manufacturers and service providers.
Employment in the service sector is down more than 118,000 jobs since July 2019 and is now at its lowest point since March 2017, PESA reported.
Service Sector: Oil field services employment approaching four-year lows
As the largest producer of oil and natural gas in the United States, Texas made up more than half of the job losses. Oil field service companies have laid 59,200 people in Texas since the beginning of the year, PESA reported.
Colorado was second with an estimated 10,200 jobs lost so far this year, the association reported.
The 99,253 jobs lost so far this year represent $12.7 billion in annual wages, PESA reported.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.