The loss of jobs in the region’s oilfields would mean about 1,200 jobs lost and up to 1,400 jobs gained, according to a new study by the Houston Chronicle.
But if workers lost their jobs for good, they would lose about $5.5 billion in paychecks, according a projection from the Houston Regional Economic Development Authority.
The region’s unemployment rate has fallen from 6.8 percent in February 2018 to 4.8% in March 2019.
But that drop is due in large part to the fact that the oil industry is slowly recovering.
Oil production in the area is up about 30 percent since June, according the oil and gas industry group.
The average annual price of a barrel of oil in the US dropped more than a dollar from June to March.
The cost of oil has declined by $10.70 per barrel in the last year, according U.S. Energy Information Administration data.
But the cost of gasoline has dropped more: it dropped $1.90 per gallon in the same time period.
The oil industry has been working hard to keep its workers.
It pays its workers more than $18 per hour, and its pay scales are more flexible.
In the past, oil companies used to pay their workers more in oil and natural gas than in any other form of pay, said James D. Taylor, president of the American Petroleum Institute.
Now, most of the oil companies pay their employees a lower salary.
It’s just a matter of time before they stop.