The oil and gas industry is highly cyclical, and industry veterans like to say that they’ve weathered many downturns before, and that we’ll return to prosperity again in the near future. But it’s not that simple. In the 2010’s, our industry has experienced many structural changes – in many technical areas, in data management, in financial markets and expectations, in political volatility, and in public perception. This isn’t just a price cycle. And while onshore U.S. fortunes are buoyed by tight oil and gas development, the situation is still painful in many other parts of the world, particularly in Canada. We know that there will be substantial demand for oil and gas for decades to come, and that industry will need to respond to provide safe, reliable supplies of hydrocarbon products. But what comfort is this to students and laid-off professionals looking to work right now? How long can they hang on?
The oil and gas industry is highly cyclical, and industry veterans like to say that they’ve weathered many downturns before, and that we’ll return to prosperity again in the near future. But it’s not that simple. In the 2010’s, our industry has experienced many structural changes – in many technical areas, in data management, in financial markets and expectations, in political volatility, and in public perception. This isn’t just a price cycle. And while onshore U.S. fortunes are buoyed by tight oil and gas development, the situation is still painful in many other parts of the world, particularly in Canada. We know that there will be substantial demand for oil and gas for decades to come, and that industry will need to respond to provide safe, reliable supplies of hydrocarbon products. But what comfort is this to students and laid-off professionals looking to work right now? How long can they hang on?