Employment in the US oil and gas industry is expected to jump 12.5% this year to 971,000, according to Rystad Energy. But it will take another half decade before employment in the region tops pre-pandemic levels, according to new research from the industry consultant.
Workers will have to wait until 2024 to see double-digit annual wage hikes. Pay this year is expected to climb 2.9%, according to Rystad.Oil companies are hesitant to boost wages dramatically as they seek to keep a lid on skyrocketing costs.
As a result, rig workers look elsewhere for a higher pay, with renewables being the most popular landing spot. Workers in Midland, Texas, the heart of the Permian Basin, are battling a 10% jump in prices in the world’s busiest shale patch, and America’s No. 1 spot for inflation over the past year.