Germany to Cut 6,000 jobs in Wind Sector in Coming Years
The German-Spanish wind power company Siemens Gamesa Renewable Energy has recently announced it will lay off thousands of workers in their wind energy sector, will the same thing happen in…
The Biden administration is currently considering a student loan cancellation package that could range from $10,000 to $50,000, but doing so would ignore this one weird trick guaranteed to eliminate student loan debt: get a job in the oil and gas industry.
Reuters reports there is currently a worker shortage in the oil and gas industry, which is impeding the ability of American energy companies to ratchet up production in the face of rising prices.
Employment in the U.S. oilfield services and equipment sector was nearly 609,000 in March of 2022, but still below pre-pandemic levels of about 707,000, according to the Energy Workforce and Technology Council.
Average hourly wages in the U.S. oil and gas extraction industry are currently estimated at $45.45 an hour for February 2022, which equates to $94,536 dollars per year, assuming a 40-hour workweek. Many of the jobs in the oil and gas sector require overtime, significantly increasing the potential for student debt obliterating paydays.
A lack of workers is restricting American energy production, which only serves to keep oil prices higher than they would be otherwise. These high prices harm American families and businesses, but benefit Vladimir Putin and help fund Russia’s war in Ukraine.
Instead of demonizing the energy industry, the Biden administration should be encouraging able-bodied Americans to roll up their sleeves and help boost oil and gas production to bring down global prices. This would be a tremendous way to help our allies, hurt our enemies, and give people the means to eliminate their student debts without burdening taxpayers.