Everyone loves low gas prices. In the words of former president George W. Bush, “Gasoline prices are like an attack on our working people”… unless you are in the energy industry. The current low gas prices are a result of one of the biggest economic downturns in the oil industry ever, even bigger than the oil glut of the 1980’s. On Friday, September 30th, Dr. Fred Schroeder spoke to the Department of Earth Sciences and the EMPOWER program about job prospects and careers in the oil industry based on his more than 32 years of industry experience. Dr. Schroeder acknowledged the current downturn and subsequent downsizing of oil and gas companies to cope with loss in revenue from low oil prices and how that might discourage one from pursuing a career in geosciences, but there is hope.

The job outlook is not as bleak as it may appear due to the need for new technology, industry demographics, and energy demands. While energy companies have been downsizing, particularly in their exploration departments, known reserves of hydrocarbon fuel are projected to run out, requiring the creation of new methods to profitably extract these known sources. Almost half of the workforce in the energy industry is of retirement age and will soon need to be replaced, creating many job openings despite the current cutbacks. Gas prices will rise again, perhaps soon, as OPEC is currently discussing capping production for member countries. When gas prices rise above $60 a barrel, as suggested by Dr. Schroeder, companies will start hiring again to replace their lost workforce. A final concern Dr. Schroeder addressed was the prospect for a lengthy career in oil and gas. He cited a study that predicted that hydrocarbon fuel will remain a large part of the world energy supply for the greater part of the next 50 years. This would allow for any geoscientist graduating within the next 5 years to potentially have a 35-40 year career in the industry. As Dr. Schroeder sees it, the present job market for oil is rough but the future is brighter than a propane flame.

Story submitted by Emily Baker, Sam Caldwell, Alex Johnson, Amanda Schulz, and David Zheng