Fluctuations are nothing new for experienced workers but for younger ones drop has been jolting. FMTNews Money
CARLSBAD: Wait for an upturn, or pick up stakes and look for work elsewhere? That’s the dilemma facing oil workers around Carlsbad in New Mexico, where a brutal drop in petroleum prices has hit the local economy hard.
Weaver, who is trying to take things in stride – “laughing and cutting up makes everything easier,” he said – plans to take a few weeks to enjoy being with his wife, their daughters and new baby girl in their home near Houston, a 10-hour drive away.Thousands of people in the Carlsbad region work in the oil business – drilling or operating wells, or building or maintaining pipelines.
The 48-year-old pipeline foreman said his pay has been cut by US$5 an hour and his work week sliced in half, from 80 hours to 40. “The situation we’re in kind of gets my anxiety up,” she said. Oil is “what we’re depending on. It’s our life, you know, so if it goes down, we’re kind of left stuck.”
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