OKLAHOMA CITY (AP) - An economist at the Oklahoma City branch of the Federal Reserve Bank of Kansas City says oil and gas production is increasing but with fewer employees.
Chad Wilkerson writes in the Oklahoma Economist that increased production is due to improved technology, which has also led to fewer active rigs.
In October 2014, 1,924 oil and gas rigs and about 200,700 employees in the industry produced about 9.1 million barrels of oil daily nationwide. Now about 1,060 active rigs with about 151,500 employees produce an estimated 10.7 million barrels daily.
Oklahoma City University economics chairman Russell Evans said Oklahoma had about 64,000 workers in 2014 and about 52,000 today.
Wilkerson says diversifying the state’s economy with jobs allowing workers to transfer skills, like analyzing data and logistics, would offset job losses.
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