Oil Jobs Still Buoyant in a Looming Recession? By Duncan Freer At Isnare.com Ezine Articles

Cut the arteries of business and they bleed oil. Anything that interrupts the flow of this precious black liquid is likely to send the world economies into freefall. So as nervous investors watched the price of oil climb to dizzying heights earlier this year, the fear that it would lead to an implosion of the world economy looked certain to become a reality.

In fact, it was the world banking system that went into meltdown, not the oil industry. In the mist of a recession, when the price of everything else seems to be going up, oil has actually fallen in price to a more sustainable level. Ordinary consumers have noticed it at the pumps, with the cost of petrol and diesel dropping dramatically in what started as a price war between outlets. What this price war actually reflected was the fall in oil price per barrel in the commodities markets. So the oil industry is still there, and they’re still recruiting.

Jobs in the oil industry are highly sought after. True, the recession has hit here as well, but mainly in the back offices and administration departments, rather than on the ground or in rigging. Oil rig jobs are still available, and companies, in their continuing search for more of the precious black stuff, have upped the ante considerably.

If you are an engineer, rigger or driller, there are still plenty of oil rig jobs to choose from. Noble Corporation is bringing five new oil rigs into production between 2009 and 2011, meaning a total of over 1,500 vacancies that need to be filled. The 2007 merger between Transocean and GlobalSantaFe resulted in a $33billion backlog of work. All of that needs to be completed, meaning more jobs in the oil industry, despite the dire news and continuing economic downturn in almost every other industry. In its current position, the oil industry looks set to ride out the recession in style.

In recent years, the driving forces behind the high demand for oil have been the rising stars of China and India. As their economies power up, their appetite for oil has grown exponentially. While China’s third quarter growth has slowed, the slowdown has been negligible in comparison with the screeching of financial brakes heard in the northern hemisphere. It still managed to notch up an impressive 9% growth rate – practically all of which is dependent on oil. The International Energy Agency predicts that China and India will need 300% more crude oil for their economies by 2030. That figure means more investment in location and extraction of existing and new oil fields, which in turn means more jobs in the oil industry.

These figures bolster the promise of a continuing boom time for international oil companies, who will carry on investing in exploration and new oil rigs. That means only one thing – more oil rig jobs, oil careers and greater job stability for the workforce. Factor into this equation the number of workers hired in the 1970’s who are now coming up to retirement, and you can see that now is a good time to be looking for jobs in the oil industries.

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