Oil Bust and Unemployment in Macroeconomics 1
Oil Bust and Unemployment in Macroeconomics
Michelle Hope
ECN221_2_20140630M_OL_Economic Principles
March 23, 2016
Robert Jackson
Oil Bust and Unemployment in Macroeconomics 2
Oil Bust and Unemployment in Macroeconomics
I chose this subject because I used to work for a company that provided support services
to companies in the oil and gas industry. Things like inline inspections, something that is DOT
regulated, (we put a tool in a pipeline, a “smart pig” that traverses the line from point A to point
B. The sensors on the tool produce data that can then be read by an analyst for reporting of dents,
thinning, holes or anything that could possibly put people in danger. Other entities in the
company provide cleaning, hydrostatic testing, gauging pigs, and all manner of pipeline services
and products. Also, since I live in Utah and biggest oil shale deposit ever found (The Green
River Formation) is located in Utah, Colorado and Wyoming, this subject is of particular interest
to me.
Additionally, there are other oil fields in Utah, Colorado and Wyoming that friends and
family members work at or have worked at which makes this subject even more “real” to me
than other subjects within macroeconomics.
According to the article, Oil fallout: U.S. companies kill over 51,000 jobs, layoffs were
up 3,900% in the first 3 months of 2015. And depending on what one’s job in the industry is,
2016 could be just as bad. For example, companies involved in service, exploration &
