As noted previously in this blog, reasonable (smart) people can differ on the nationwide impacts of the decrease in oil and gas activities, and concurrent layoffs, occasioned by the precipitous drop in prices in recent months. In fact, that argument – energy jobs represent a nearly insignificant portion of the labor force v. the ripple effects in many areas of the country from lost oil and gas jobs could be a significant drag on the economy as a whole – played out before my ears on "Morning Joe" on MSNBC this morning.
Regardless of who is correct in this debate, and, as they say, "only time will tell," there can be no question there will be some impacts on the overall economies in many areas of the country where oil and gas jobs – both direct and indirect – are plentiful. Williston, N.D., for example, could see 20,000 layoffs in the first 6 months of 2015.
The Houston Business Journal, recognizing the layoffs that have already been announced, and those to come, seized the day with a provocative article title: "How to prepare for your energy company's job cuts." Providing sobering advice, the article reflects on key concerns such as benefits and insurance policies.
The mantra I've heard too many times already is that things will be ok because "we've gone through this before." True. But the platitude is hardly reassuring to the unemployed trying to make sure their children have insurance.
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