Energy Layoffs Jump 300%
According to Challenger Gray which tracks layoffs across all industries in the US, energy companies laid off 11,8025 people last year, up 300.6% from 2023.
It is not clear why the layoffs happened, but the percentage makes the news notable. This is particularly the case because across the country and all industries, layoffs rose only 5.5% to 761,358.
A related industry also had a huge number of layoffs. Utilities layoffs were up 524,.4% to 8.098.
From the standpoint of speculation, experts say it takes fewer people to drill for oil and gas. E&E News reports, “The decadelong decline isn’t driven by climate policy or the rise in clean energy. Instead, it’s the result of boom-and-bust cycles — and the fossil fuel industry’s relentless push for efficiency.”
Automation is also the primary reason that the utilities industry needs fewer workers,
If efficiency is a trigger for this level of layoffs, the dawn of AI as a worker replacement may make the situation of humans worse. EnergyDrive’s experts write “The future of work in the energy and utilities industry hinges on the successful integration of automation and digital transformation. These technological revolutions offer immense potential for efficiency gains, risk reduction, and innovation.”
As Howard Hughes said, it is “the wave of the future.”
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