After years of struggle, U.S. oil companies appear to be making a comeback from a long period of job cuts and bankruptcies. The industry may be ready to thrive once again, and soon, which is good news for the geology field.
After battling with OPEC for the past two years, oil prices have stabilized to just over $50 a barrel, which has allowed U.S. oil producers to once again start pumping more oil. This also means that many of the thousands of jobs they were forced to eliminate may come back too.
With barrel prices stabilized and production on the upswing, the U.S. Energy Information Administration upgraded its 2018 forecast for domestic oil output from 8.9 barrels per day to 9.5 million barrels per day. J.D. Morgan predicts even more production, targeting 9.7 million barrels produced by the end of next year. This kind of output would actually signal a near all-time high. In a recent report, Matt Smith, director of commodity research at ClipperData, wrote, “All evidence is indicating that an oil price over $50 is fanning the flames of higher production.”
All this talk of more oil production is good news for the nearly 170,000 jobs slashed as companies scrambled to avoid bankruptcy over the past few years. Jobs in geology are among the six-figure opportunities returning, along with engineering, finance and accounting. Goldman Sachs predicts 80,000 to 100,000 jobs in the oil and gas industry returning by the end of 2018. And none of these figures factor in President Trump’s promises to tear up regulations that are holding the oil industry back. If he holds to them, geology jobs in the oil industry could be even more in demand.