U.S. job losses in oilfield services and equipment top 100,000: trade group

FILE PHOTO: Drilling rigs operate at sunset in Midland, Texas U.S. February 13, 2019. Picture taken February 13, 2019. REUTERS/Nick Oxford/File Photo

(Reuters) – Oilfield job losses from the COVID-19 pandemic topped 100,000 in the United States in August, according to a report released on Tuesday by trade group Petroleum Equipment & Services Association (PESA), even though some idled drilling projects have resumed.

There was 121,000 oilfield jobs lost in the last 12 months, the report said, with employment in the U.S. sector at its lowest level since March 2017. The bulk of those job losses, 103,420, have come since the pandemic began, the report said.

U.S. crude futures on Tuesday were trading about $37 a barrel, below the cost of production for many U.S. producers. Shale production was 7.6 million barrels per day (bpd) in August, down from 9.2 million bpd in February, before the pandemic crushed fuel demand,

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Australia Eyes Trade With India as China Spat Exposes Dependence

(Bloomberg) —

Australia’s escalating tensions with Beijing have shown up its reliance on China trade and propelled a push to increase links with Asia’s other giant economy, India.

New enrollments of international students from India expanded 32% in 2019 from a year earlier and it’s the fastest growing major market for Australian services. India has overtaken China as the largest source of net migration to Australia, and its diaspora is the third largest Down Under, just behind China and the U.K.



a screenshot of a cell phone: Shifted Growth Source


© Bloomberg
Shifted Growth Source

India’s swelling population — set to overtake China’s in 2027 — suggests ongoing opportunities for Australia to diversify a trade portfolio that currently makes it the developed world’s most China-dependent economy. The need to switch things up has accelerated as ties sank to their lowest ebb in 30 years after Canberra’s calls for an international inquiry into Covid-19’s origins was taken by Beijing as

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Biden energy restrictions would mean 1M jobs lost, more foreign oil imports, trade group warns

Banning natural gas and oil development on public lands and waters would cost Americans approximately 1 million jobs by 2022 and force the U.S. to import significantly more foreign oil, a top oil and natural gas industry group claimed in a new analysis on Wednesday.

Democratic presidential nominee Joe Biden’s climate plan includes “banning new oil and gas permitting on public lands and waters” in favor of renewables like wind power.

RUSH LIMBAUGH LIKENS BIDEN REJECTING FRACKING BAN TO ‘ME TELLING YOU THAT I’VE NEVER BEEN A CONSERVATIVE’

Mike Sommers, the president and CEO of the American Petroleum Institute, said there is “far too much at stake” for a federal leasing ban.

“Banning federal leasing and development on federal lands and waters would derail decades of U.S. energy progress and return us to the days of relying on foreign energy sources hostile to American interests,” Sommers said in a statement.

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