Oil and Gas Companies Continue to Struggle and Lay Off Workers

February 25, 2021

The oil and gas industry continues to feel the effects of the Coronavirus pandemic. Yesterday, it was announced that the largest oil producer in the U.S. Exxon Mobil’s global oil and gas reserves fell by a third last year.

FOX News reports:

The reserves reductions were “a result of very low prices during 2020 and the effects of reductions in capital expenditures,” the company said in a filing.

Total reserves for all products fell to 15.2 billion barrels of oil and gas at the end of 2020 from 22.4 billion the year before, mostly driven by oil sands in Canada and U.S. shale gas properties, according to a regulatory filing.

The unfortunate ripple effect from the sharp decline in oil demand that has shocked the industry is that thousands of hard-working energy workers have lost their jobs.

Exxon has said it could cut 14,000 employees, or 15% of its global workforce, by the end of 2021.

Exxon is not alone in facing hard times during the pandemic and now the sector is also facing an administration that is hell-bent on dismantling the industry altogether.

It is important to remember the American energy workers who kept the lights on and things running as the world was turned upside down by the Coronavirus pandemic. We need to rally around the workers who have propped up the economy, secured America’s energy independence, and provided reliable energy to homes and businesses across the country.

Unfortunately, President Biden’s overreach and overregulation of the industry has only further crippled the sector and the workers it supports in their hardest times. Biden is clearly more interested in pleasing the eco-left supporters who took over his campaign from the start rather than helping the American people.