How do you prepare for a Crude Oil crash if you work in the Oil industry?

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Feast or famine is what they like to say in the Oil industry. You’re either working 100hr work weeks or your the yard washing equipment and waiting for the next job to come up. But Sometimes those jobs never come, days turn into weeks and companies start giving out pink slips. without warning. Booms and Busts, That’s one of the reasons millennials don’t like our industry they say.  So how do you prepare yourself for an oilfield downturn?

Cross-training

Cross training in the workplace.

1.) Did you get any industry cross-training during your time in the oil industry? For example, if you work in the Hydraulic fracturing side and did pump-down for wireline, you have a better chance of getting hired in wireline.  During downturns, wireline is still working be it not as busy, with workover rigs on maintenance for completed oil wells.

2. Save all your certifications and CDL endorsements.   If you kept your Hazmat certification up to date you could look for a Job hauling fuel, or most any truck driving job for that matter.

3. Have any Roustabout & heavy equipment training? These jobs are not as high paying during an oil price downturn, But are always in demand. Those oil wells will still need to be serviced.

 

What do you think? What would you add to the list?

 

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