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#oil: Job Problem

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Low oil prices,
. . . not environmental protections,
. . . are stunting Oil's job growth, and
. . . Foreign producers have flooded the market,
. . . driving down the price of crude oil.

In an effort to cut costs, and salvage profits,
. . . oil companies are laying off workers,
. . . or automating operations,
. . . replacing workers with machines.
Drilling rigs have gotten more efficient,
. . . allowing companies to pump the same volume of oil,
. . . with 1/2 as much equipment, and
. . . far fewer workers.

Meanwhile, Electric vehicles are getting cheaper every day, and
. . . sales numbers for EVs are growing by leaps, and bounds.
Over the next few years,
. . . this will likely stunt demand for gas,
. . . leading to an oversupply of oil, and
. . . a further downturn in prices.

Technology and economics,
. . . NOT, environmental protections,
. . . are driving the loss of jobs.

8-20-2017 Source:  #Oil: Job Problem


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