The Dark Side of Peak Oil: When Efficiency Trumps Employment The latest round of job cuts in the oil and gas industry has highlighted a harsh reality: the pursuit of efficiency is leading to widespread layoffs, even as production reaches record highs.
Chevron's decision to axe up to 9,000 jobs – nearly a fifth of its global workforce – is just one example of this trend.
Since January 2016, extraction employment has plummeted by nearly 40% from its peak of 187,300 workers.