Oil & Gas Layoffs

Drill baby drill. Right? Make America energy self sufficient, etcetera, etcetera. Fire up all of the dormant oil wells and so forth in West Texas and so on. While simultaneously asking OPEC to lower oil prices, which of course means asking OPEC to increase production.

Then the oil price drops and cheap oil floods the market, out of sync with demand, driving the price down even further. Now the price is too low for it to even be profitable for American producers to drill, to refine, or to extract. Do you understand? Plants, drilling sites, refineries, all of that is gonna shut down. Tens of thousands of jobs will just disappear overnight.

And for every one job in the oil and gas sector, there's at least two or three jobs that are indirectly related to that. So you were looking at potentially hundreds of thousands of jobs lost. When that happens, no one in the private sector is gonna invest in the oil sector anymore.