Memorial Day Gas Prices Up, as are Energy Layoffs

By MRCTV, Special for  USDR

Memorial Day weekend travelers will be filling up this weekend for $2.735-a-gallon on average, according to AAA. That’s almost 35 percent higher than when prices bottomed out on Jan. 26, 2015 at $2.033. For drivers, that will mean paying $14.04 more to fill-up a 20 gallon gas tank in just four  months.

Although gas prices have begun climbing again, the price collapse that began at $3.696 on April 28, 2014, had another impact: job losses in oil and gas drilling and related fields.  Bureau of Labor Statistics data shows that 6,000 oil and gas extraction jobs were lost between the December 2014 jobs report and the April report alone. But those 6,000 lost jobs were just scratching the surface according to news reports.  A company that tracks outplacement, told CNN Money in April 2015, that since June 2014 there were 51,747 jobs cuts by American companies “directly attributed to falling oil  prices.”

Forbes’ Christopher Helman said in March that the global gas and oil industry has laid off nearly 75,000 people so far. While Bloomberg reported in February that oil layoffs around the world had already exceeded 100,000, The Wall Street Journal forecasted 100,000 layoffs globally in an April  report.

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