If you want to combine your interest in the oil and gas industry with your passion for economics, you will be happy to learn you can become an economist for an oil company.
Economists can assist oil companies in multiple ways, including mapping out plans to maximize company profits, optimizing financial decisions and project investments, and predicting the market and consumer behavior.
Follow along to learn more about economists working in the oil and gas industry.
Economists can work in oil companies because their expertise can guide significant financial decisions and corporate strategies.
They can assess and address market activity and predictable future market behavior, national and international socio-economic issues, oil and gas development impact, alternative energy concerns, environmental issues, project launches, pricing strategies, investments and other securities, and more.
Many oil companies have teams of economists as they require extensive macroeconomic research, careful selection of the most accurate data, precise analysis, and expert insights and advice.
Economists have many important responsibilities in oil companies, including:
- Identifying a need for economic, socio-economic, political, or financial data
- Researching and collecting relevant information
- Selecting the best testing, sampling, or surveying methods for specific needs
- Assessing the impact of government reforms and policies
- Studying environmental and alternative energy concerns
- Analyzing market trends
- Advising the company on government policies, market predictions, consumer behavior, and recommended corporate policies
- Analyzing projects, their projected costs, and their impacts
- Assessing country risks and international trade behavior
- Creating statistical models and risk models to clearly display predictions
- Generating reports, preparing presentations, and writing publication
- Collaborating with team members to develop corporate strategies
An economist’s main job is to study the creation and distribution of wealth.
They study a variety of resources, including land, materials, equipment or machinery, labor, money and securities.
They perform research, collect and analyze data, make crucial observations of economic activity and predict its impacts on many different issues.
Accordingly, they can work in many different domains, industries, and businesses to provide targeted advice.
Economists working in oil companies can benefit in many ways.
- High Salary: Business economist salaries average $81752 annually, although the higher range reaches to nearly $200,000 annually.
- Competitive Benefits Packages: The oil and gas industry is well-known for providing exceptional health and medical insurance and retirement matching.
- Learning and Training Opportunities: Oil companies need their express to remain at the top of their game. Many forms offer or reimburse training or educational classes.
- Travel: Oil and gas is a global business. Businesses may offer the chance to work in different locations across the United States or in different countries.
While there are plenty of advantages, the oil industry also has a few potential cons, including:
- Education Length: Economists must study their field for a long time to obtain a job. They need a Master’s or a Ph.D.
- Work Difficulty: In some spheres of economics, work is straightforward. Professionals encounter similar problems and solve those problems by addressing commonly-found factors. In the business world, economists need to identify when there is a problem, what information to search for, and how to apply the data.
Economists can work for any major oil corporation in the United States.
They may hire economists for their economist team, a special advisory board, or a finance department.
Top oil companies for economists include:
- Anadarko Petroleum
- Plains All American
- Occidental Petroleum
- Noble Energy
Economists looking for a job in an oil company can use job listing websites such as Indeed, LinkedIn, ZipRecruiter, and SimplyHired.
There are also specialized websites dedicated to jobs in the oil and gas industry such as OilandGasJobSearch.
Alternatively, contacting oil companies directly to ask about job openings and sending your resume is an excellent option.
Oil and gas is an exciting domain for economists, as they can apply their diverse knowledge towards a specialized, essential industry.
Economists will encounter many job opportunities, excellent salaries and benefits, growth opportunities, and diverse responsibilities and roles in this field.