How the Salaries of the Highest Paying Oilfield Jobs have Changed Since the Crasha
THE OIL INDUSTRY CRASH
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It has long been a thriving one that drives other industries. It is currently experiencing the biggest decline in a decade. The price of oil is unstable due to complex geopolitical strategies across the oil-producing nations and organizations around the globe as well as that of the petroleum industry.
The uninterested and ignorant consumers may have been enjoying the benefits of lower costs for fuel and other goods, but the US and the international oil industry are getting the worst hit.
The Oil Industry Crash And Jobs
The cost of oil has been cut in half from $107 for a barrel back in the month of July to just $54 per barrel today (Feb 2017) This drastic reduction in price has seen a number of companies go into bankruptcy, shut down, dismantle their drilling rigs, or stop investments that were intended to expand exploration and growing production.
Oilfield workers were regarded as among the highest-paid people in the US and this includes those with any higher education qualification. Although things are only beginning to improve in certain areas, over 850000 American workers working in the oil industry were laid off in June 2014.
Alongside the fact that many workers are not being required due to a decline in production levels, the shifting nature that the petroleum industry is undergoing has altered the employment market, in that certain occupations aren’t demanded, while others are more sought-after.
The companies, of course, were forced to come up with ways to diversify and adapt their strategy, not to mention the discomfort of having to lay off thousands of employees.
Highest Paying Jobs In Oil Field- May 2014 Vs May 2015
We look at some of the most lucrative oil field jobs of this moment. We examine the responsibilities of these positions and what the average wage is and how it compares to the beginning of the oil crisis and the present.
The figures are from the US Bureau of Labor Statistics (BLS) which are published in March and provide the median salaries for May 2014 to May 2015, and May 2015-May 2016.
*The May 2015-May 2016 are scheduled to be released in March 2017.
They are among the highest-paid jobs that are based on real oil fields. It is important to note that jobs in offsite areas of the gas and oil sector, like executives, investors, and off-site managers could earn more.
Here’s a quick overview of other lucrative jobs that were on our top 10 list.
1. MANAGERS – Increased
General and Operations Managers
May 2014
$163,390
May 2015
$175,260
Training and Development Managers – Increased
May 2014
$158,670
May 2015
$172,980
Managers of oil fields are among the highest-paying jobs in the actual oil field. It appears to be in high demand since their salary has increased.
2. PETROLEUM ENGINEERS – Decreased
May 2014
$157,790
May 2015
$156,990
Petroleum engineers are usually among the most sought-after specialists in the industry due to their knowledge of developing innovative techniques for extraction. Yet, their pay rates were reportedly declining in the aftermath of the recession.
GEOSCIENTISTS, Except Hydrologists and Geographers- Increased (slightly)
May 2014
$147,140
May 2015
$147,490
Geoscientists are a different profession since their deep understanding of geochemical, physical, and geological data aids in locating commercially viable sources of gas and oil as well as acting as consultants in numerous engineering projects.
3. ENGINEERS:
Mining and Geological Engineers, Including Mining Safety Engineers – Increased
May 2014
$129,220
May 2015
$148,330
Mechanical Engineers Decreased
May 2014
$153,940
May 2015
$146,740
Chemical Engineers – Decreased
May 2014
$146,820
May 2015
$142,600
With the variety of engineers working in the oil industry, there appears to be a range of opinions as to their annual salaries.
4. INSPECTORS:
Occupational Health and Safety Specialists – Increased
May 2014
$91,000
May 2015
$96,070
Legal Occupations – Increased
May 2014
$107,730
May 2015
$113,640
Mining Safety Engineers and Inspectors – Decreased
May 2014
$115,560
May 2015
$113,380
Life, Physical, and Social Science Occupations – Decreased
May 2014
$118,580
May 2015
$117,790
The oil industry can be an extremely hazardous place to work which could lead to lawsuits and accidents lurking around every corner when workers don’t take their safety seriously.
Inspectors are essential in this field, as they investigate any possible dangers to the worker or public safety, as well as environmental and public safety, as well as investigate possible laws and commissions rules violations, and respond accordingly. We also see varied changes in annual salaries Inspectors with legal jobs getting the most increase.
5. PILOTS – Increased
Aircraft Pilots and Flight Engineers
May 2014
$102,530
May 2015
$114,050
The remoteness of oil fields typically requires workers and cargo to be moved between the fields on a weekly, daily basis. Pilots are still growing in demand.
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