(MENAFN- Saudi Press Agency) WASHINGTON Safar 23 1437 Dec 5 2015 SPA -- The falling oil and gasoline prices that for months have coincided with strong U.S. hiring have helped most Americans. But they've come at a painful cost for workers in the energy and mining sector:
122300 lost jobs in the past year AP reported.
Even as workers nationwide are earning slightly more than they did a year ago average wages have tumbled 1.5 percent to $26.72 an hour for energy production workers.
The November jobs report that the government released Friday illustrated the divide between the broad economy and the ailing fossil fuels industry: Overall U.S. employers added a robust 211000 jobs and the unemployment rate held steady at a low 5 percent. But the energy industry reeling from falling oil prices and weakening global demand lost 11300 jobs.
In just 18 months oil prices have cratered from $107 a barrel to roughly $40. And gasoline prices have plunged from around $3.70 a gallon to $2.05. Those prices are poised to fall further with OPEC deciding Friday to keep production running high.
One measure of the damage: Even as the overall U.S. stock market rocketed up 2 percent on Friday an index of oil and gas stocks tracked by the New York Stock Exchange fell 0.5 percent.
The industry's layoffs are expected pile up as energy companies try to shore up their finances in light of the sharply lower prices.
Average gas prices nationwide are likely to slide below $2 a gallon in the next several days bringing them to their lowest level since March 2009.
-- SPA
01:17 LOCAL TIME 22:17 GMT
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