HOUSTON – If you’re not in the business you’ve at least noticed it while gassing up (if you still do that). Oil is in a total tailspin.
“The oilfield industry is going through great turmoil,” said Mike Chaffin, with Oilfield Christian Fellowship. OCF is a non-profit ministry headquartered in Texas for the oil and gas industry around the world. They help with networking, job recruiting and bible ministry.
Chaffin added that “layoffs are happening in most all oil and gas companies.”
Supply and demand
The problem is, currently, the pandemic has slashed global oil demand, leading to a historic oversupply.
Basically, there’s too much supply and not enough demand.
And remember, Texas energy jobs were vaporizing before COVID-19. Now?
“As this virus wreaks havoc across the traditional healthcare system, it’s done so much harm to our oil and gas industry,” said Wayne Christian, chairman of the Texas Railroad Commission. He made that statement Tuesday in Austin at the beginning of a marathon day-long hearing.