Letters

07/03/2000
Wildly variable oil prices"The lay-off legacy," OGJ's June 19, 2000, editorial, incorrectly (in my view) identifies "wildly variable oil prices" as the key determinant of employment in the oil and gas industry. According to American Petroleum Institute Research Study #077, "Jobs and Payrolls in the Petroleum Industry" (February 1995), increases in wages were a more important determinant of falling employment than were decreases in petroleum prices, at least during 1981-93. It is unlikely that recent data would contradict this conclusion.The fundamental problem is that American labor productivity, driven by technological advance, must rise far and fast enough to offset lower costs of o...
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