Title: Trends and dynamic relations between crude oil prices and energy employment: a panel analysis approach

Authors: Shuming Bai; Kai S. Koong; Fan Wu

Addresses: College of Business, The University of Texas of the Permian Basin, Texas, USA ' Brimmer College of Business and Information Science, Tuskegee University, Alabama, USA ' Brimmer College of Business and Information Science, Tuskegee University, Alabama, USA

Abstract: This research employs panel data to analyse the trends of 21 energy occupations in ten NAICS energy sectors in the USA and the relationships among oil prices, oil production, and energy jobs by sector and nationwide from 2002 to 2016. We highlight several major findings: 1) energy sectors do matter (statistically and significantly different) for the same job titles; 2) the largest and smallest energy hires are consistent and robust; 3) the most and best jobs are mostly created in the upstream and related services sectors; 4) majority of the energy occupations grow faster than those for the nation; 5) energy jobs are strongly associated with oil prices and production; 6) energy jobs, oil prices, and US oil production play significant roles in the national employment. To our knowledge, this panel analysis of energy sector jobs is the first of its kind. The findings could be useful to various energy stakeholders and policy makers for adopting effective employment strategies and policies. [Received: June 16, 2018; Accepted: February 11, 2019]

Keywords: US oil field production; WTI oil prices; NAICS energy sectors; energy occupational employment; panel data.

DOI: 10.1504/IJOGCT.2020.109447

International Journal of Oil, Gas and Coal Technology, 2020 Vol.25 No.2, pp.218 - 235

Received: 16 Jun 2018
Accepted: 11 Feb 2019

Published online: 30 Apr 2020 *

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