Tens of millions? Fact? I'll assume you're talking world wide then? Otherwise, I'd like to see the breadth of reach used to get a number of employees in the oil & gas industry in the US anywhere near the "tens of millions" range. If that's for the US, that is bound to be grossly far reaching. Can you site something that says how they estimate it to be that high if its for the US?
And I'd love to hear how you backed into your last sentence too.
I respectfully disagree with you Mitch.:hug: Tens of millions is easy to see, IMO.
You just think about it for a moment, and take the actual rig hands out of the equation.
The supply business for the oilfield alone is greatly affected, This includes the people that bring water to the rigs, supply food, have a corner gas station that no longer has 100s of people stopping at every day. It effect Mary's sewing shop that fixed coveralls for workers. It effect Bob's burgers shop. Tim's Tire shop because he isn't replacing tires as often. Then he has to let go 3 mechanics because business is slow. Doug is going out on Fridays anymore because of the crunch, Now the local pub lets go of 2 workers. Sheila isn't buying her new shoes now. And Russ isn't buying his new quad. Peter isn't buying that new deep fryer for his restaurant, Doug isn't building that new home. The mill is met its quota because less houses are being built. Henry isn't selling his new cars, and looses his job. Steve isn't going on that trip to Vegas, now the stripper doesn't get her usual tips, and doesn't by that Louis Viton purse. The hotels are not full, the maids are let go. On and on and on.........
You see, its a ripple affect
And its world wide! I am unfortunate to see it, Ive taken a 40% pay cut.......And all I here from management is " your fortunate to be working" Yes, I am but ive been working oil and gas for 20 years, my experience isn't less, So why am I getting less money? Simple Supply and demand