Heard on the Street: Labor markets could ease next year, but that may not be nearly enough to unleash oil production
Ask a U.S. producer why they didn’t pump out more oil this year, and one common answer you will get is that it has become too difficult and expensive to hire new employees. There are some early signs that labor markets could ease next year, but that may not be nearly enough to unleash production.
In a report published in December, Goldman Sachs noted that the main source of labor supply in the shale industry is typically from the housing market. This makes a lot of sense for parts of the oil-and-gas industry. After all, a portion of the work on the oil field looks a lot like construction, such as creating a road, moving sand, water or chemicals, and pouring concrete, notes Jesse Thompson, an economist at the Federal Reserve Bank of Dallas.
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