CDI Corporation

Goldman Sachs predicts upturn in U.S. oil and gas employment

The U.S. oil and gas industry has faced a tough few years, but Goldman Sachs analysts believe a rebound is on the horizon – and with it, a demand for workers.

Though almost 170,000 jobs in the industry have been shed since 2014, the company forecasts that drilling activity will bounce back as the market stabilizes, CNN reported. The company estimates that between 80,000 and 100,000 jobs will need to be created over the next two years. Goldman Sachs also noted that the average pay for oil and gas positions is 84 percent higher than the national average.

“When we get back to a reasonable level of activity, there’s going to be a supply crisis of experienced personnel. I just don’t see any way around that,” said Jeff Bush, president CSI Recruiting, in an interview with CNN.

Some states may already be feeling this upward trend. Employing data from May, the Oklahoma Energy Index measured positive gains for the first time since 2014, Tulsa World reported. It reached 157.6, up 3 points from the month before. The site attributed the growth to stable rig activity, minimized employment contractions and increases in natural gas and crude oil prices.