Most people are happy that oil price has been down. It only cost half the price to fill a full tank of petrol at the gas station compared this time last year. But the irony of the oil price slump, how many families are now starving when their bread-winners lost their jobs due to the reduction of manpower in the oil & gas industry?
Over production in North America has been the driving force in the current industry crisis. On the contrary, due to their high production cost, some producers are forced to shutdown non-profitable wells, reduced drilling and exploration. This has caused hundreds of thousands of workers to be out of jobs.
About 4-5 years ago, the industry has been at its peak that the demand on manpower is much higher than the number of job seekers. Resourcing has been very difficult that new hires can demand the rate they want. It was also at this time that new entrants to universities have chosen to acquire qualifications related to the oil & gas industry. They are now graduating this year but there are no guarantees that they will be able to land a job in the industry that they have previously chosen.
The oil price slump has created ironies of life that people will remember for decades.