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In: Finance

Energy prices were rising even before Russia invaded Ukraine. Now, the war and resulting bans on Russian oil imports are sending crude skyrocketing, raising prices for everything from Uber rides to children’s toys.

Oil prices are currently above $110 a barrel, after surging as high as $130 earlier this month. The average price of U.S. gas has surpassed $4 a gallon, and is near $6 in the most expensive state of California.

But, despite the surge in crude price most oil workers around the world have yet to cash bigger paychecks, with many of them ready to leave the oil industry.

According to the latest Global Energy Talent Index released by recruiting firms Airswift and Energy Jobline less than a third of surveyed oilfield employees report receiving a pay bump in the past year, while another 21% said pay was actually cut.

On the positive side, a little more than half of those workers say they expect to get a boost in pay sometime in the next 12 months.

With an astounding 82% of oil industry workers willing to consider switching to another energy-related sector. It’s the second straight year the survey has reported an increase in workers’ willingness to leave the oil industry, with renewables being the most popular landing spot.

In the U.S., the oil and gas workforce is still 20% below pre-pandemic levels. The oil industry has struggled to add more workers.

Russia’s invasion of Ukraine has further hurt the efforts to meet growing demand of oil workers amid surging crude prices as the global economy recovers from the pandemic.

According to the survey of 10,000 workers and hiring managers across 161 countries, the high percentage of willingness to leave should sound a warning for companies, some will need to step up their efforts on the retention front and start contemplating raises in order to achieve that.

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