
Well, if your job is linked to the energy sector, the over 50% decline in global crude prices might not be an undiluted blessing. In fact, you might even lose your job due to the Oil Crash. This is precisely what’s happening in states that are at the epicenter of the shale oil revolution in the US. Expect more job losses in the future as drillers hold off on new exploration and mothball existing rigs. If you work for a rig manufacturer, expect job cuts as drillers stop ordering new rigs. Besides direct job losses, expect the loss of oil jobs to impact non-oil jobs in local economies dependent on oil or oil-related services. The fallout can be quite staggering as far as the overall jobs picture is concerned.
Jacob Maslow is a native New Yorker with five children. He left his payroll manager position after finding that his true passion was in writing, and has never looked back.