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107,000 jobs eliminated
The collapse in oil demand and prices spurred the fastest rate of oil- and chemical-industry layoffs in history, with about 107,000 jobs eliminated between March and August, Deloitte said in a study scheduled to be released Monday. The number is probably even higher when furloughs and other headcount measures are taken into account, according to Duane Dickson, vice chairman and U.S. oil, gas and chemicals leader for Deloitte.
Deloitte is forecasting a 30% recovery of lost jobs by the end of 2021, assuming oil averages about $45 a barrel and natural gas hovers around $2.50 per million British thermal units. But if crude instead lingers around $35 and gas is more like $2, the jobs-recovery rate probably will only reach 3%, according to the report.
Oil, gas and chemical jobs have become more sensitive to changes in commodity prices as the North American shale revolution turned world energy markets topsy-turvy. A $1 change in oil prices affects about 3,000 oil and gas jobs, double the impact it would have had during the 1990s, according to the report.