OIL PRICES ALWAYS COME BACK ("BOOM AND BUST") AND THE DRILLING INDUSTRY WILL AGAIN END UP WITH A MAJOR LABOUR SHORTAGE.

February 23, 2015

These are hard times for a lot of oilfield personnel as the price of oil has tumbled to an all-time low since 2008 and employers either have a labour freeze or are laying off personnel to maintain a cash flow as they ("weather the storm"). Employees who live pay cheque to pay cheque will suffer most as they are usually swamped in debt and no savings to last them through the downturn. Well this is not the case for all as some employees plan for the boom and bust and are financially quite comfortable and will weather the storm well. Because of this downturn and layoffs companies lose personnel to other industries and those that take up retirement never come back.

Unfortunately prior to the slowdown the oil patch was having difficulties filling positions against competition from other industries suffering shortages because of the baby boomer effect that was causing continuous stress to their human resource strategies. Most of North America, because of the oil industry, was experiencing shortages in skilled and unskilled workers to fill jobs in the construction and technology industries. Once employees decide to leave the industry they usually don't return and this allows opportunities for new recruits looking to enter the oil & gas industry. I believe this is a great industry if you are prepared and always instill the boom and bust mentality of the industry.

Starting out in this industry as a saver and using caution when creating debt will help you survive the boom and bust times allowing you to take a break without worry when it does happen. New employees should think along the lines of saving and paying cash for most of their purchases as there is lots of money to be made to pay for a good living. Now is the time to get training and be prepared for the up and coming jobs that will be available on the upswing of the industry as jobs again will be plenty.