Major Layoffs in the Mining, Oil, and Gas Industry

Getty Images

Getty Images

Last Friday, the U.S. Bureau of Labor Statistics released jobs report announcing 4,500 jobs were cut in the mining industry last month, not including the 1,500 jobs in support activities for mining, adding to the 109,000 jobs lost this year.

The mining industry is not the only one experiencing major layoffs. 2,700 jobs were lost in oil and gas extraction. In September, the oil and gas industry had over 200,000 layoffs globally according to Swift Worldwide Resources, international oil and gas recruiting agency.

The job decline in the mining, oil, and gas industry this year is a result of low commodity prices in the oil and gas industry. Recently, the oil benchmark was set to $50 causing a $2.05 trillion loss in the market. Layoffs were anticipated to follow. Analysts in the industry predict that this trend will continue next year.

Article by HEI contributor Aliyah Cole

1 Comment on "Major Layoffs in the Mining, Oil, and Gas Industry"

  1. the article is too realistic .I had been one who was layed off by the company.oil companies made money the reason they have trillion dollars with them. I want to ask the investors the board and top executives. you are all suppose to be oil leaders .you all took medal when everything was right .now when profit has gone down you remove kids . if you cannot make company grow or have anything to increase price please resign. one ceo can save 2000 jobs money wise. elephants are removed.not children. secondly why your mind works on crude can’t I make a process to make it some other product. okay free advice use the water you inject for drinking. use the power for selling . use your land for farming . 2 lakh barrel of oil and 4 lakh barrel of water injection think on that. and who said to be in oil out money were you can make money. well I know the operating cost on onshore field is 2dollar a barrel so company are not bankrupt . they had sweet tooth suddenly mooring they are crying.

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