Texas oil jobs jump as OPEC cuts, record oil demand boosted prices

Oil and gas extraction and services jobs in Texas jumped by 1,293 positions in August to more than 208,000.

Jobs in the Texas oil patch jumped in August after dipping earlier in the summer as the state’s oil and gas industry maintains its steady climb back to pre-pandemic employment levels. The increase, which came as oil prices began rising back above $80 a barrel after months price declines, reversed a July dip that saw employment in the sector fall to 205,753 from 206,722 the month before.

“I think employment was in many ways catching up to the rig count,” Kunal Patel, senior business economist with the Dallas Fed, said Wednesday during a media briefing. “And that's why we're seeing employment growth slow to a crawl.” The majority of executives surveyed this month by the Dallas Fed said they expect U.S. rig counts six months from now to stay roughly where they are, suggesting job growth would be minimal in the months ahead, Patel said. The U.S.

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