Home industry oil-and-gas efforts are being made to restrict climate change and provide employment to oil and gas workers

Efforts are being made to restrict climate change and provide employment to oil and gas workers

Oil And Gas

CIO Bulletin
2021-02-24

It is speculated that over 76,000 people lost their jobs in the oil industry from February to June, 2020 due to COVID-19 crisis and subsiding oil demands.

Resources for the Future and the Center on Global EnergyPolicy at Columbia University conducted a research on the chances of strengthening US employment in the oil and gas workforce, and also diminishing pollution via a federal program to plug orphaned and abandoned oil and gas wells.

President Joe Biden assured of creating a program that can be of great help in plugging inactive wells. Bordoff agreed with the same and said that the program can help unemployed oil and gas workers get jobs which they lost during the pandemic.

“Many workers have lost their jobs and are struggling, and if they have a skill set that can be used to help the environment by plugging these wells, that can be a dual benefit,” Bordoff says. “You’re putting people back to work in a period of high unemployment until the economy is back on its feet, and you’re providing an environmental benefit.”

The count of abandoned wells range from several hundred thousand to 3 million. Oil and gas industry has witnessed rising unemployment which was not seen since 2006 and is scaling up to carry out this work.