The oil and gas industry has experienced a lot of volatility in the COVID-19 epidemic. The collapse in demand that occurred in the early stages of the disease in 2010 saw gas and oil prices falling to the lowest levels in history. Recently supplies have struggled to keep up with the demand, leading to price hikes in the energy industry that cause massive price inflation.
Amid these rapid changes, the industry faces issues with workers. The pandemic has highlighted the frequently seasonal nature of work in the sector. Recent developments have only increased the dramatic changes and volatility within the industry in the past two decades, which might be making it harder to keep and recruit employees.
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The Highest Paying jobs in Oil & Gas Industry
One of the most significant developments that have been observed in the last few times has been the shift between increased productivity and a decrease in employment. The development of new techniques like horizontal drilling and hydraulic fracturing began to emerge in the latter half of the century. It makes it much easier to extract gas and oil from shale formations.
This led to an increase in gas and oil production starting in the mid-2000s; however, a shortage of supplies led to a decline in prices, which led numerous companies to cut employees. The industry’s employment declined significantly from 2014; however, the total number of jobs is at a low level.
Reductions in work within the petroleum and natural gas sector could also result from other causes. Renewable energy sources such as solar and wind are poised to increase over the next few decades because of technological advances that have made them accessible and feasible alternatives for fossil-fuel sources. The rising economics of renewable energy and the continued efforts to reduce carbon emissions by policymakers could cause a decrease in employment in the oil and gas sector.
Although job opportunities in the field may be declining, those who work in the oil and gas industry can still earn a decent salary. The industry has the highest median earnings of any sector, so the average worker earns $80,710 annually. The amount is almost more than the median for nonfarm workers in the U.S., which was $41,950 in 2020. You can find a suitable oil and gas accountant jobs on Jooble.
Many factors can contribute to the high level of compensation. First, the sector is massive with a high-profit margin, which permits employers to pay their employees better. It means companies in the oil and gas industry can compete with other industries by attracting experts with high-value skills like finance, management, and law. Manual labor on the job is high-paying compared to other fields, which is in part because it attracts new workers despite the difficult working conditions and possible health risk. Furthermore, many jobs in the gas and oil sector require knowledge in geology, engineering, or mineralogy. These positions pay well and recruit workers who have that expertise.
The information used for this analysis comes from The U.S. Bureau of Labor Statistics. To find the highest-paying jobs in the gas and oil industry, researchers from Commodity looked at job statistics for positions within the “Oil and Gas Extraction” subsector. They sorted occupations according to their median annual salary. Researchers also examined each occupation’s median annual wage in the oil and gas sector with the median annual wage across all sectors. Only occupations that have wage and employment statistics for 2020 were considered in the study.
These are the most lucrative jobs in the gas and oil industry.
The 15 Highest Paying jobs in Oil & Gas Industry
Mining and Geological Engineers
- Median annual salary in the oil and gas industry:$138,380
- Median annual salary across all industries:$93,800
- Oil & gas difference: +47.5%
- Employment in the oil and gas industry:260
- Employment total across all industries:6,270
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General Managers and Operators
- Median annual salary in the oil and gas industry:$138,790
- Median annual salary across all industries:$103,650
- Oil & gas difference: +33.9%
- Total number of jobs in the oil and gas industry:3,930
- Employment total across all industries:2,347,420
Industrial Production Managers
- Median annual earnings in the oil and gas industry:$139,080
- Median annual salary across all industries:$108,790
- Oil & gas difference: +27.8%
- Total number of jobs in the oil and gas industry:740
- Employment total across all industries:179,570
Chemical Engineers
- Median annual salary in the oil and gas industry:$139,260
- Median annual wages across all industries:$108,540
- Oil & gas difference: +28.3%
- Total number of jobs in the oil and gas industry:490
- Employment total across all industries:25,770
Managers of Training and Development
- Median annual salary in the oil and gas industry:$143,020
- Median annual salary across all industries:$115,640
- Oil & gas difference: +23.7%
- Employment in the oil and gas industry:40
- Employment total across all industries:38,710
Natural Sciences Managers
- Median annual earnings in the oil and gas industry:$148,780
- Median annual wages across all industries:$137,940
- Oil & gas difference: +7.9%
- Total number of jobs in the oil and gas industry:230
- Employment total across all industries:75,870
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The Public Relations Manager and the Fundraising Manager
- Median annual earnings in the oil and gas industry:$150,370
- Median annual salary across all industries:$118,430
- Oil & gas difference: +27.0%
- Total number of jobs in the oil and gas industry:80
- Employment total across all industries:81,110
Sales Managers
- Median annual salary in the oil and gas industry:$151,420
- Median annual salary across all industries:$132,290
- Oil & gas difference: +14.5%
- Employment in the oil and gas industry:150
- Employment total across all industries:390,170
Geoscientists
- Median annual salary in the oil and gas industry:$153,740
- Median annual salary across all industries:$93,580
- Oil & gas difference: +64.3%
- Employment in the oil and gas industry:2,780
- Employment total across all industries:27,890
Computer and Information Systems Managers
- Median annual salary in the oil and gas industry:$153,790
- Median annual wages across all industries:$151,150
- Oil & gas difference: +1.7%
- Employment in the oil and gas industry:800
- Employment total across all industries:457,290
Financial Managers
- Median annual salary in the oil and gas industry:$155,040
- Median annual salary across all industries:$134,180
- Oil & gas difference: +15.5%
- Total number of jobs in the oil and gas industry:1,590
- Employment total across all industries:653,080
Marketing Managers
- Median annual salary in the oil and gas industry:$166,860
- Median annual salary across all industries:$142,170
- Oil & gas difference: +17.4%
- Employment in the oil and gas industry:420
- Employment total across all industries:270,200
Lawyers
- Median annual earnings in the oil and gas industry:$176,650
- Median annual wages across all industries:$126,930
- Oil & gas difference: +39.2%
- Total number of people employed in the oil and gas industry:500
- Employment total across all industries:658,120
Engineers and Architectural Managers
- Median annual earnings in the oil and gas industry:$191,120
- Median annual salary across all industries:$149,530
- Oil & gas difference: +27.8%
- Employment in the oil and gas industry:1,590
- Employment total across all industries:195,900
Chief Executives
- Median annual wages in the oil and gas industry:>$208,000
- Median annual wages across all industries:$185,950
- Oil & gas difference: N/A
- Total number of jobs in the oil and gas industry:270
- Employment in all industries:202,360
Methodology and Specific Results
The information used in this study comes from the U.S. Bureau of Labor Statistics 2020 Occupational Employment and Wage Statistics (OEWS) database. To find the most lucrative positions in the petroleum and gas industry, scientists examined the statistics on occupational jobs within the “Oil and Gas Extraction” subsector. The occupations were classified based on their median annual salary. Researchers also examined each occupation’s median annual wage in the oil and gas sector against its median annual salary across all sectors. Only occupations that have wages and employment statistics for 2020 were considered in the study.
