Once a significant player in the oil and fracking industry, Texas has made drastic changes to transition from their overuse of fossil fuels to clean energies. It has been an impressive change so far and one that many other states should be able to get behind.
In the past few weeks, Exxon Mobil stated that they would end 14,000 jobs, including 1,900 here in the United States. The major layoff follows others from top oil corporations, including Shell, Chevron, BP, and Schlumberger.
The Loss of Jobs in the Oil and Gas Industries
Texas has been hit the most regarding the layoffs. One out of every four gas-related jobs has gone away in the past year, according to data from the U.S. Bureau of Labor Statistics. The industry has been dealing with some hardships due to an increase in supplies and lower prices. That was all relevant before COVID-19 hit, which made things even worse for the oil industry.
While the layoffs are tragic, there is some hope thanks to new energy trends. In Texas and many other areas of the U.S., investors have been eyeing renewable forms of energy such as solar panels and turbines. This advanced energy sector has contributed to the Texas labor market and increased new jobs at twice the average rate before the pandemic. Even COVID-19 didn’t completely slow down the transition to renewable energy. Over the summer, more than 230,000 Texas residents started working in the advanced energy industry. More workers than those in grocery stores, trucking, and real estate in the entire state.
Investors Are Interested in Texas’ Clean Energy Efforts
It’s undeniable that investors are now putting their money into renewable sources of energy. The trend of investing in wind and solar power is growing in Texas, and it appears that it will not slow down anytime soon. Texas’s transition from one of the top states for the oil and fracking industries to becoming a green state is well underway.
Throughout the past decade, Texas’s wind capacity rose from 9,000 megawatts to close to 24,000 MW. That’s enough natural energy to provide power to around 5 million homes even during peak demand times.
Advanced Energy Creates New Jobs During a Pandemic
Texas is currently in the lead out of all U.S. states when it comes to wind power usage. The state has more than three times the capacity for wind energy than Oklahoma and Iowa, based on 2018 statistics from the U.S. Energy Information Administration.
Although the pandemic caused the advanced energy industry in Texas to lose around 24,000 this past summer, that is far less than the loss of jobs in the oil and gas industries. Many feel that advanced energy can improve the economy for the state as it heads into recovery. The addition of Tesla’s new $1.1 billion facility that is now under construction in Austin will help to create at least 5,000 new jobs for the area while promoting interest in eco-friendly electric cars at the same time.
Currently, many companies are gravitating toward Texas due to their switch to clean energy. Many of today’s Fortune 500 companies have taken on new sustainability goals, and Texas can provide those companies with power from 100% renewable energy sources.
Make Your Clean Energy Choice with Help from Sector 7 Energy
If you need assistance deciding on a clean energy source for your business, Sector 7 Energy is here to help. Our team has more than 15 years of combined management experience in the energy industry. It can provide your business with retail energy brokering, lighting consultations, energy efficiency analysis, and much more. Contact us today for more details.