US coronavirus employment impact in oil & gas 2021

Employment figures decreased in the oil, natural gas, and chemicals industry between December 2019 and August 2020 due to the coronavirus pandemic, with a total of 107 thousand lost jobs in the United States. A pessimistic scenario outlook, where oil prices will remain around 35 U.S. dollars per barrel and gas prices at 2.50 U.S. dollars per million British thermal units, would see only three percent of jobs recovered by the end of 2021. Even within the optimistic scenario outlook, not all jobs are set to be recovered.

Forecasted employment in oil, gas and chemicals industries following the coronavirus pandemic in the United States, by scenario* (in 1,000s)

Characteristic	Actual figures	Pessimistic	Consensus	Optimistic
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-

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Release date

October 2020

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Region

United States

Survey time period

2020

Supplementary notes

* Each scenarios for end 2021 considered the following variables:
Pessimistic: oil at 35 U.S. dollars per barrel; gas at 2 U.S. dollars per million British thermal units; production of -10% to -5% (over 2019); valuations of -50% to -15% (over 2019);
Consensus: oil at 45 U.S. dollars per barrel; gas at 2.50 U.S. dollars per million British thermal unit; production of -5% to -2.5% (over 2019); valuations of -47% to -10% (over 2019);
Optimistic: oil at 45 U.S. dollars per barrel; gas at 2.50 U.S. dollars per million British thermal unit; production of -5% to -2.5% (over 2019); valuations of -47% to -10% (over 2019).

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