I retired this year, after working for energy companies. I was laid off, transferred, had projects close down under me, and quit a place or two. I was never out of work for more than 5 days in over 40 years. That happened once, other job changes didn't allow time enough for a decent fishing trip between jobs.oilrig wrote: ↑Mon Oct 16, 2017 8:57 amKlangFool we are in year 4 of a historic oil downturn/bust, but even when my company and other competitors were laying off and cutting staff, we were still hiring these skilled labor guys out in the field and plants. The need for them never goes away. They are essential to maintain the oil well sites and keep production running. This is of course all on land/shale. Offshore is a different story, those offshore rig hands typically feel the pain the worst whenever there is an oil bust. If companies aren't drilling, then there is no need for the offshore rig hands.KlangFool wrote: ↑Sun Oct 15, 2017 3:41 pmoilrig,oilrig wrote: ↑Sun Oct 15, 2017 2:43 pmI work for a big oil company and our mechanics, electricians, and other hourly skilled-labor folks who graduate with 2 years degrees come out of school making 6 figures + pensions + generous 401k plans.These kids are 20-22 right out of school making good money and typically make more than our entry level degreed office staff, including engineers. Also, we are always in need of these guys and are typically they are safe from layoffs. As long as these kids stay with my company or other competitors with similar compensation plans, they will retire multi-millionaires at age 50 just from the pension and 401k plans, not including their own personal savings.
1) One of my college classmates was ex-oil rig worker. He was laid off during the 80's Houston Oil Bust. It took him 10 years to get his BSEE while working several jobs. He wanted to and did succeed in the transition away from Oil and Gas area.
2) Now, we are heading into or in another Oil Bust. The boom and bust of Oil and Gas industry tend to run in a 30+ years cycle. So, if you are in one of those cycles, you have to get out of the industry just to survive.
I started my career as a tech and ended in management.
The key to being successful in a blue collar career is to be adaptable, have a sought after skill set or two, and look for opportunities for education and advancement. In the oilfield, perhaps like other fields, your reputation precedes you when you seek other work. So make sure you have a good one.
I have a degree in my field that I was able to get while working full time and being husband & dad. Not the best/quickest way perhaps but best for me, having started working at 18. A degree may not be in the cards for some blue collar workers, but there are certainly training opportunities available.
Living below your means, budgeting, and saving automatically every month are the important things. I've worked with folks who made more than me but can't retire because they didn't follow basic principles of saving.
Edited to talk about fishing. I like fishing.