The March jobs report was abysmal.
Only 98,000 jobs were added, much less than the expected 180,000, and it made the markets tremble.
The jobs report was bad news for most of the country…
But it actually showed something important for the oil and gas industry…
It’s on the rise.
The oil and gas sector had much to rejoice over when the report came out, because mining (which the oil and gas sector are placed in) gained 11,000 jobs, with jobs in oil and gas extraction jumping by 1,800.
This is big news, because this time last year the mining sector was losing about 18,000 jobs per month, and now they’ve gained 35,000 since last October.
Oil prices have been hovering at about $50 a barrel which is allowing U.S. shale producers to make a profit once again, which in turn is leading to an increase in employment opportunities.
The U.S. rig count is also up, hitting the highest number of active rigs –583– in 16 months in February, with U.S. oil exports hitting record highs in February as well.
Oil is back with a vengeance.