Abstract
The current downturn looks a lot like the one we experienced 30 years ago. The numbers, again, are numbing. Oil prices have declined 50% to 60%. Some 100,000 layoffs have taken place in the United States, 350,000 worldwide. The geophysical market spend, which mimics oil price, has fallen more than 50% — from more than US$17 billion in 2013 to approximately US$8 billion this year. As companies slashed spending, new oil discoveries in 2015 plummeted to their lowest level since 1952. Today, enrollments in petroleum-related university programs are dropping too, creating a potential talent gap in the future, as it did in the 1980s and 1990s.
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