Thursday, August 18, 2016
Despite increases in crude oil prices since the start of the year, employment in oil and natural gas extraction and support activities continued declining from levels reached in the fall of 2014, just prior to the onset of falling oil prices, reports the Energy Information Administration (EIA). The total rig count, including both oil-directed and natural gas-directed rigs, has declined even more sharply—from nearly 1800 rigs in the fall of 2014 to a weekly low