The price of a barrel of oil has plummeted by more than 60% since July 2008, which is good news for consumers at the pumps but was initially bad news for the oil industry. However, in the UK that cut in profits may have been softened somewhat by new government proposals including tax changes and incentives published as part of the Chancellor's Pre-Budget Report (PBR). Many North Sea fields have been failing to attract investment as investors tighten their economic belts, leading to a decline in the UK's production rate and driving the price up. However, the world's appetite for all things oil-based is constantly growing, so a more pragmatic approach is being taken by oil companies. Their positive attitude flies in the face of the initial knee-jerk reaction to the economic downturn, where panic caused companies to halt exploration projects in anticipation of tough economic times ahead. The oil companies have now realized that this was a short-sighted reaction, and production has geared back up again, prompting an upsurge in offshore drilling jobs and other oil careers. People will always need oil…

The surge in oil prices to a record high of $147/barrel benefitted high-cost areas such as the North Sea. Since then prices have fallen by almost $100/barrel, partially due to a drop in world demand as oil-hungry industries geared down for the recession. This drop in prices meant that the industry could benefit from a fall in the cost of raw materials such as steel, but it may take a little while for those reductions in cost to balance the loss in profits faced by oil companies making only $50 on a barrel.

Despite all this initial negativity, the oil industry is bouncing back. Contrary to popular belief, the oil isn't running out. New fields off the coast of Brazil, Africa, the Gulf of Mexico and in Asian waters mean that investment in new platforms and methods of extraction are gearing back up. New deepwater drilling technology is making it possible to tap into oil fields that were previously unreachable. Even the North Sea is yielding up new fields, and all of these precious reserves need to be mined by capable and skilled workers. The oil industry is bucking the trend, meaning that jobs throughout the industry are being created daily.

Oil careers, jobs in drilling and ‘downstream' oil jobs are directly influenced by the number of ‘upstream' jobs within the industry. These upstream jobs (geologists, drilling engineers, exploration and development engineers) drive the industry forward. Once reserves and new methods of extraction have been developed, the momentum filters down through to mid-stream jobs – those actually involved in working on the rigs themselves. Luckily for everyone involved, the upstreamers have never been busier. Consequently, drilling jobs and other oil careers, both mid-stream in transportation and refining and further down the line in retail and wholesale are boosted by a knock-on effect. The oil industry is a self-perpetuating business, which in an economic recession makes it more resilient to external market influences. In fact, it is the oil industry that will be one of the spearheads that points the world economy out of recession and back into a productive future, post-2009.

Strange as it may seem, there has never been a better time look for a career in the oil industry. The upsurge in exploration and the rapid development of technology has put the oil industry at the cutting edge of worldwide business development. Even in the current economic climate, the oil industry is one market sector that is set to expand.