On Bauer Business Focus – A conversation on the job losses and struggles within the oil and gas industry around the country with Houston Public Media News 88.7 Business Reporter Andrew Schneider.
Swift Worldwide Resources CEO Tobias Read stopped by Bauer Business Focus to discuss that he expects that the layoffs that we’ve seen within the oil and gas industry are just the start of what’s to come. He expects to see more in all sectors of the industry.
“I’m concerned it’s going to get worse because there has been very limited capital expenditure over the last few months and there is very little forecast of new capital expenditure,” Read said. “That is the oxygen that feeds our industry and without new capital expenditure there are going to be further layoffs.“
Read also discusses the ‘Great Crew Change.’ This refers to the many people that are in their 50’s, 60’s or 70’s that tend to dominate the oil and gas industry. The industry has somewhat failed to invest in the future talent of the field. So the fear is that once these skilled people retire there won’t be enough knowledgeable people to replace them. This lack of future talent may lead to even less projects actually coming into fruition.
To hear the full story, click here.