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92,400 jobs lost: The toll in Texas from oil, gas price collapse


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92,400 jobs lost: The toll in Texas from oil, gas price collapse

The oiland gas price collapse that began in 2014 has cost the Texas energy industry morethan 90,000 jobs, according to an economist working with the Texas Alliance of EnergyProducers.

Duringthe alliance's annual meeting in Austin earlier in April, Karr Ingham said an estimated84,000 jobs had been lost since the crash began. The state had approximately 306,020people employed in the upstream segment at its peak in December 2014, a number thathad fallen to about 222,000 at the time of his presentation.

Duringa conversation April 25, Ingham said the numbers had become even more depressingsince his presentation.

"It'sgotten a little bit worse. We believe it's now about 92,400 jobs lost," hesaid. "Our estimate is that there were 213,600 jobs in March 2016, comparedto 306,020 in December 2014."

Ingham,who has been compiling the data since the mid-1990s using information from the TexasWorkforce Commission, or TWC, said more than 73,000 jobs were lost between December2014 and December 2015.

The slightrebound in prices since then has not been enough to slow down the pace of layoffsin 2016. "TWCdata suggests the hastening of oil and gas employment loss in the first quarterof 2016," he said.

Inghamsaid that in spite of the glum figures, the industry has weathered the crash betterthan it had in the past.

"[92,400]is a big number, but when you consider that the last time that prices and rig countwere this low, we were about 100,000 jobs below where we are now," he said.