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Report: 20K jobs may be lost due to energy price volatility

OKLAHOMA CITY — A new Oklahoma State University economic forecast says the state could lose more than 20,000 jobs due to energy price volatility through 2016.

The Journal Record reports that the state’s mining sector, which is dominated by oil and gas operations, already has lost 8,400 jobs since employment peaked at 63,000 in November.

A new report by the Center for Applied Economic Research says that resulted in an estimated 5,040 job losses in other sectors. The report’s co-author, school economist Dan Rickman, says the estimate draws from analysis indicating every 10 energy jobs support six positions in other industries.

Rickman says Oklahoma’s direct energy industry job losses would total about 13,000 by the end of 2016. He says such mining sector losses would erase 7,800 related jobs in other industries.

In related news, Two companies continue cuts in Texas energy industry.

Information from: The Journal Record, http://www.journalrecord.com

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

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